Speaking at the Paris Blockchain Week event, the stablecoin issuer Circle's CEO Jeremy Allaire announced their intention to establish a European base in Paris, France.
The base will help the firm behind the USD Coin (USDC) to expand its operations in the European Union (EU).
Allaire cited the country's commercial environment and crypto-friendly climate while explaining the decision to pick France.
- Paris will also be a base for the operations related to Circle's EUROC stablecoin pegged to the euro.
- Allaire said Circle has already applied to France's financial regulator to be registered as a digital asset service provider.
- A separate application was also filed with the country's banking authority to obtain a license to operate as an electronic money institution.
- Circle's CEO added that the company began hiring in the country, starting with technical and financial roles without specifying the exact headcount.
Other crypto firms, including crypto exchanges Binance and Crypto.com, also selected Paris as their European hub over the last two years.
- So far, around 65 crypto companies have successfully registered with the French regulator to operate in the country.
