The European Banking Authority (EBA) has classified Circle’s USDC as a significant e-money token under the Markets in Crypto-Assets Regulation (MiCA). This designation makes USDC the first of 45 notified e-money tokens in the European Union to receive this label, triggering a shift in supervisory responsibilities for its reserves.
Starting November 12, the EBA will assume direct supervision of USDC’s own funds, asset reserves, liquidity, and recovery plans. These oversight tasks transfer from France’s Prudential Control and Resolution Authority (ACPR), which originally licensed Circle as an e-money institution in July 2024.
Key facts
- USDC is the first of 45 notified e-money tokens to be classified as significant under MiCA.
- The EBA will directly supervise USDC reserves beginning November 12, 2026.
- Circle reported $73.3 billion in USDC circulation worldwide at the end of June 2026.
- Tether did not seek MiCA authorization for its USDT stablecoin.
- The ACPR retains supervision over governance, qualifying holdings, and fit-and-proper assessments.
- The EBA reassesses token significance criteria on an annual basis.
Why it matters
Exchanges and brokers offering USDC in the EU will list a token whose reserves are supervised by the EBA rather than a national authority starting in November.