USDC designated as the EU's first 'significant e-money token'

BlockBeats news, October 15 — The European Banking Authority (EBA) announced that USDC, issued by Circle Internet Financial Europe SAS, has been classified as a significant electronic money token (EMT) under the Markets in Crypto-Assets Regulation (MiCA). There are currently 45 EMTs notified under MiCA in the EU, and USDC is the first to be designated as significant. Starting November 12, 2026, USDC will be subject to MiCA's dual supervision for significant EMTs: direct supervisory responsibilities over own funds, asset reserves, liquidity requirements, and recovery and redemption plans will be transferred from the French Prudential Supervision and Resolution Authority (ACPR) to the EBA; the ACPR will remain responsible for governance, qualifying holdings, fit-and-proper assessments, outsourcing, and conflicts of interest.

USDC is issued in the EU by Circle Internet Financial Europe SAS and in the US by Circle Internet Financial, LLC. The EBA has signed a memorandum of understanding with the New York State Department of Financial Services to cooperate and exchange information on cross-border stablecoin activities.