Circle and the Hyperliquid Policy Center submitted separate positions during the European Commission’s MiCA review: Circle addressed stablecoin reserve rules and multi-issuance, while the policy center argued perpetual futures should be handled under MiFID II rather than MiCA. Pepeto, meanwhile, said a Binance listing was approaching, but the available sources do not confirm an exchange announcement or listing date.
What did Circle and Hyperliquid ask the EU to change?
These were two different submissions, not a joint filing. Circle’s policy hub lists Patrick Hansen’s response to the European Commission’s MiCA Review Consultation, dated October 1, 2026. The Block reported that the Commission’s consultation had closed on September 30, so these are submitted recommendations and part of the ensuing policy debate—not an open invitation to comment or changes already adopted into law. Circle’s policy hub · The Block’s October 1 report
| Submission | Activity and framework | Requested direction |
|---|---|---|
| Circle | Stablecoin issuance and reserves under MiCA | Preserve multi-issuance and revisit the bank-deposit requirements for e-money-token reserves. |
| Hyperliquid Policy Center | Perpetual futures and their regulatory classification | Treat perpetuals as derivatives under MiFID II, rather than MiCA, and keep them separate from EU rules for contracts for difference (CFDs). |
The recommendations reflect their authors’ policy positions and interests. Circle is a stablecoin issuer; The Block describes the Hyperliquid Policy Center as a Washington-based group funded by the Hyperliquid Foundation. Neither proposal is an adopted EU rule.
What does Circle want changed in MiCA’s stablecoin rules?
Reserve bank-deposit requirements
The Block described MiCA as requiring at least 30% of reserves for e-money tokens to be held as commercial-bank deposits, with the share rising to 60% for tokens designated significant. Those figures describe requirements reported in the context of Circle’s submission; they are not new reserve rules created by the consultation. Circle argued for changing the deposit requirements. The policy question is how to balance access to bank deposits and the risks that come with concentrated exposure to banks, while maintaining confidence that tokens can be redeemed.
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Multi-issuance
Circle also sought to preserve multi-issuance: issuing the same stablecoin through more than one regulated entity or jurisdiction. The Block quoted Circle’s submission: “Of the top 25 stablecoins globally by market capitalisation, only three are currently MiCA-regulated (USDC, USDG, EURC).” That is Circle’s claim about the market and its argument for its preferred regulatory approach, not a finding that the Commission has endorsed it. The Block, October 1, 2026
Why did the Hyperliquid Policy Center raise perpetual futures?
The policy center’s submission focused on the legal category for perpetual futures, not on Circle’s stablecoin-reserve proposals. It urged the Commission to classify perpetual futures as derivatives under MiFID II and not regulate them under MiCA, while also keeping them distinct from EU CFD rules. That classification could affect which rules apply to trading venues and products, and how supervisors approach them. The recommendation is advocacy by the Hyperliquid Policy Center; the Commission has not adopted it on the evidence cited here. The Block’s report on the submission
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Did Circle and Hyperliquid make a joint MiCA submission?
No. Circle and the Hyperliquid Policy Center made separate submissions addressing different subjects. They do have a reported relationship in the USDC-on-Hyperliquid ecosystem: in a May 14, 2026 post, Circle described its technical role supporting USDC on Hyperliquid and said it had staked 500,000 HYPE. That is Circle’s own account of its infrastructure role and stake; it does not establish coordination on the MiCA filing. Circle’s May 14, 2026 post
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is Pepeto confirmed for a Binance listing?
No exchange-issued confirmation or listing date is established by the sources cited here. A July 11, 2026 release attributed to Pepeto said a Binance listing was approaching. That wording is the project’s claim, not confirmation by Binance. Treat the listing as unconfirmed unless Binance itself publishes an announcement. The release also promotes the project; its other claims about fundraising, testing, staking yield, or token supply should not be taken as independently verified on that basis. Pepeto-attributed release via GlobeNewswire, July 11, 2026
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What to watch next
- EU policy: Whether the Commission or later EU rulemaking materials adopt, reject, or modify either recommendation. A consultation submission by itself does not change MiCA or MiFID II.
- Pepeto: Whether Binance publishes a listing announcement with a date and relevant market details. A project statement that a listing is approaching is not a substitute for one.
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