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Circle pushes EURC to step up UK push as debate grows over why it gained early lead

Circle is expanding its influence in Europe’s stablecoin market with its euro-backed stablecoin EURC, prompting debate over whether the gains reflect product competitiveness or regulatory and policy shifts. DeFi analyst Ignas calls it “Europe’s failure” and says Circle benefited from MiCA, claiming it secured licensing and rapidly lifted market share. He also links the trend to digital euro discussions and argues Circle is pursuing a similar approach in the UK. Critics also question Circle’s response to a Solana-based Drift Protocol hack.