Circle's USDC is the first stablecoin in the European Union to receive significant e-money token status. The European Banking Authority will take over direct supervision of key areas from November 12, 2026, while France's ACPR keeps the rest.
The European Banking Authority (EBA) has classified USDC as a significant e-money token under the Markets in Crypto-Assets Regulation, known as MiCA. Circle's token is the first stablecoin in the EU to get that status. The EBA made the call after assessing the token against the regulation's criteria.
EBA takes over core supervision
The EU currently has 45 e-money tokens notified under MiCA, and USDC is the first to be classified as significant. The new rules take effect on November 12, 2026. From that date, the EBA will directly supervise capital requirements, asset reserves, liquidity, and recovery and redemption plans.
These responsibilities currently fall to France's banking regulator, the ACPR. However, the ACPR will retain oversight of governance, major shareholdings, management suitability, outsourcing and conflicts of interest. The two authorities will work together to manage the transition and coordinate their supervision.
Issuers on both sides of the Atlantic
Circle Internet Financial Europe SAS issues the token in the EU, while Circle Internet Financial, LLC handles issuance in the United States. Separately, the EBA has signed a memorandum of understanding with the New York State Department of Financial Services. The agreement aims to improve cooperation and information sharing on cross-border stablecoin activities.
USDC also faced competition. Earlier this year, the unveiling of Open USD (OUSD) raised concerns, with founding partners including Visa, Mastercard, Stripe, Coinbase and Shopify, and a consortium of over 140 companies behind it.
Source: CryptoPotato
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