According to CoinMeta, in response to the European Commission's targeted consultation on MiCA, Circle suggested maintaining a multi-issuance structure and establishing an equivalent and recognized system similar to EMIR, CSDR, and MiFIR for global stablecoins. Circle noted that among the top 25 global stablecoins by market value, only USDC, USDG, and EURC are currently regulated by MiCA. It is recommended that the regulatory authorities of the jurisdictions where the issuing institutions are located be responsible for supervision, with the EU at a higher level conducting institutional equivalence recognition and EBA entity accreditation.