The EBA classifies USDC as the first significant e-money token in the European Union
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The EBA has classified USDC, issued by Circle Internet Financial Europe, as a significant e-money token (EMT) under MiCA, the first of the 45 notified in the EU. It moves to dual supervision: the EBA takes over own funds, reserve of assets, liquidity and recovery and redemption plans, while the ACPR keeps the rest.
Key points
- The ACPR retains governance, qualifying holdings, fit and proper, outsourcing and conflicts of interest.
- The EBA signs a memorandum of understanding with the New York State Department of Financial Services (NYDFS).
- The EBA reassesses every year whether tokens should remain significant.
Who is affected
Circle and USDC users and distributors in the EU; banks holding its reserves; other stablecoin issuers.
Deadlines
Dual supervision from 12 November 2026.
Plain-language version
The EBA, the EU authority that sets the rules for banks, has labelled USDC, a stablecoin (a cryptocurrency tied to the dollar) issued in Europe by Circle, as 'significant': the first of 45 notified in the EU. From 12 November 2026 the EBA will directly supervise its capital, its reserves and how it would pay users back, while the French supervisor handles the rest.
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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