According to CoinMeta, Wu said that Circle has submitted a response to the EU Commission's review consultation on MICA, suggesting the retention of a multi-issuance model for stablecoins. This would allow global stablecoins to be jointly issued by EU entities authorized by MICA and overseas regulated entities, and a long-term "equivalence and recognition" system for overseas stablecoins to be established. Circle also recommends re-examining the requirement that EMT issuers must hold at least 30% of their reserves in commercial banks, raising this requirement to 60% for significant EMT. Additionally, it suggests abolishing the 35% limit on single sovereign assets and the 1.5% limit on a single bank's exposure to those assets within the total bank assets. The above suggestions are put forward by Circle in response to the MICA review and are not yet new regulations adopted by the EU.