Circle Advocates Stablecoin Regulation Based on Mobile Money Frameworks

Here’s a thought that sounds obvious once you hear it: the countries that figured out how to let people send money via text message 18 years ago might be the best ones to regulate stablecoins today.

That’s the core argument Circle is making as it pushes for stablecoin regulation modeled on existing mobile money frameworks, particularly those battle-tested in emerging markets across Africa. The company’s position, outlined in its Internet Financial System Report, treats regulated stablecoins not as some novel financial experiment but as a natural evolution of electronic money systems that already serve billions of people.

Kenya’s Safaricom launched M-Pesa back in March 2007, creating what was essentially a parallel banking system run through basic mobile phones. It transformed financial inclusion across East Africa, giving millions of unbanked people access to digital payments, savings, and transfers without ever stepping inside a bank branch.

The European Union’s Markets in Crypto-Assets (MiCA) framework, which became effective in June 2024, classifies stablecoins as “electronic money tokens.” That places stablecoins within an existing regulatory category that European regulators already understand how to supervise.

Circle’s euro-denominated stablecoin, EURC, has experienced an eightfold increase in adoption since MiCA took effect. The token now commands over 50% of the euro stablecoin market share.

Circle has forged partnerships with African payment firms including Thunes, Onafriq, and Flutterwave to integrate USDC into mobile money ecosystems across the continent. The Onafriq partnership, announced on April 30, 2025, aims to connect one billion mobile wallets in Africa to USDC rails.

These integrations are designed to facilitate cross-border transactions, remittances, and liquidity solutions.

Cumulative on-chain settlements using USDC have now exceeded $50 trillion. The platform has also seen a 77% year-over-year increase in active wallets. That wallet growth has accelerated alongside regulatory developments in the US, where recent legislative activity has provided greater clarity around stablecoin oversight.

Circle is positioning USDC as the stablecoin that regulators actually want to work with. The MiCA results provide early evidence: an eightfold growth in EURC adoption and majority market share in euro stablecoins followed Circle being ready when the regulatory door opened.