According to CoinMeta, Circle, as the issuer of USDC valued at $74 billion, is opposing the crypto regulations in Europe. Circle states that among the world's top 25 stablecoins, only 3 are regulated under MiCA, which means that the largest stablecoin is not within the regulatory scope of Europe. It hopes that the EU can replace the requirement for issuers to hold 30% to 60% in cash reserves with more flexible liquidity rules and supports the stance of the European Central Bank. In addition, Circle also hopes to remove these restrictions, believing that this will force large issuers to diversify their reserves across dozens of banks. It is expected that the EU will carry out a comprehensive reform of MiCA in 2027.