Circle Publishes Updated MiCA-Compliant White Paper for USDC and EURC
Circle has published updated white papers for USDC and EURC that fully align with the applicable requirements under the European Union’s Markets in Crypto-Assets (MiCA) Regulation, marking a significant milestone in stablecoin disclosure and regulatory alignment.
The publications are among the first to conform to all final regulatory technical standards (RTS) and implementing technical standards (ITS) adopted by the European Commission over the course of the last year, including:
- Commission Delegated Regulation (EU) 2025/422
- Commission Implementing Regulation (EU) 2024/2984
Both white papers align with Articles 51 to 53 of MiCA and include detailed disclosures on each stablecoin’s legal structure, redemption mechanisms, reserve composition, governance, and environmental impact.
Independent Review and Scoring
The updates were independently reviewed and validated by the MiCA Crypto Alliance, a technical body specialising in MiCA implementation and sustainability data. Circle’s white papers were assessed using the Alliance’s proprietary White Paper Scoring Methodology, which benchmarks documents against the official templates and presentation standards set out in EU law.
Following a detailed evaluation, both white papers achieved the highest possible score, confirming both full legal compliance and exceptional clarity in presentation.
“Circle’s updated white papers are fully aligned with the latest EU regulations and set a high bar for transparency, legal accountability and market trust,” said Juan Ignacio Ibañez, General Secretary of the MiCA Crypto Alliance.
Compliance and Conformance
Each white paper is evaluated using the MiCA Crypto Alliance White Paper Scoring Methodology, derived from the second set of MiCA RTS for white papers issued by the European Securities and Markets Authority (ESMA).
The framework assesses every document across two analytical dimensions:
- Compliance – whether each required disclosure or indicator is present, reflecting alignment with MiCA’s minimum legal requirements.
- Conformance – how well each section adheres to the prescribed formatting, structure, and content standards, reflecting the quality and completeness of disclosures.
This dual approach ensures white papers are not only legally compliant but also presented with clarity, consistency, and suitability for regulatory scrutiny.
Setting a New Standard for Issuers
Circle is among the first global stablecoin issuers to meet the final, binding MiCA requirements for white paper structure, content, and presentation. Its work sets a precedent for other issuers as MiCA requirements move into full operational application across the European Union.
XBRL-formatted versions of the white papers are available, ensuring alignment with MiCA requirements under Article 53 and the applicable technical standards.
Access the USDC white paper here.
Access the EURC white paper here.
