EBA classifies Circle’s USDC as a significant e-money token
- The European Banking Authority has classified USDC as the EU’s first significant e-money token under MiCA.
- Direct EBA supervision of Circle’s EU issuer is scheduled to begin on 12 November 2026.
- Oversight will cover own funds, reserve assets, liquidity requirements, and recovery and redemption plans.
The European Banking Authority has classified Circle’s USDC (USDC) as the EU’s first significant e-money token under MiCA.
The classification triggers direct EBA supervision of Circle Internet Financial Europe SAS from 12 November 2026.
The decision places USDC’s European issuer under a supervisory framework designed for significant e-money tokens.
The EBA will oversee the issuer’s own funds, reserve assets, liquidity requirements and recovery and redemption plans.
France’s financial regulator, the Autorité de contrôle prudentiel et de résolution, will continue working alongside the EBA.
The classification falls under the EU’s Markets in Crypto-Assets Regulation, which establishes rules for crypto-asset issuers and service providers.
USDC is a dollar-pegged stablecoin designed to maintain a value equivalent to one US dollar.
The classification brings USDC’s European issuer under direct EU-level supervision as stablecoin regulation expands across the bloc.
