Circle Internet Financial has responded to the European Commission's 2025 consultation on integrating EU capital markets, advocating for the future of onchain, open, programmable, and globally accessible markets. The company emphasizes the need for reforms to fully harness tokenized capital markets' potential, highlighting three main priorities: enabling MiCA-compliant electronic money tokens (EMTs) like Circle's EURC as settlement assets, reforming the DLT Pilot Regime to attract institutional participation by removing issuance thresholds and making it permanent, and modernizing EU capital market rules to accommodate tokenized models, including self-custody and smart contract-based controls. Circle contends that with the existing frameworks like MiCA and the DLT Pilot Regime, Europe has a first-mover advantage and can lead globally by updating rules and embracing tokenization.