The European Banking Authority classifies USDC as the first significant e-money token in the EU
The European Banking Authority (EBA) has classified USDC, issued by Circle Internet Financial Europe SAS, as a significant e-money token (EMT) under the Markets in Crypto Assets Regulation (MiCA), following its assessment of the criteria set out in the Regulation. “There are currently 45 EMTs in the European Union, which have been notified under MiCA, and USDC is the first one to be classified as being significant.” – according to the press release.
From 12 November 2026, USDC will be subject to the dual supervision foreseen by MiCA for significant EMTs. This means that direct supervisory responsibilities in the areas of own funds, reserve of assets, liquidity requirements, and recovery and redemption plans will be transferred from the Autorité de Contrôle Prudentiel et de Résolution (ACPR) to the EBA.
The ACPR will continue to be responsible for supervision of areas such as governance, qualifying holdings, fit and proper assessment, outsourcing and conflicts of interest. The EBA and the ACPR will work closely together to ensure a smooth transition and effective supervisory cooperation.
USDC is issued in the European Union by Circle Internet Financial Europe SAS and in the United States by Circle Internet Financial, LLC. To support its supervision of cross-border stablecoin activities, the EBA has signed a Memorandum of Understanding with the New York State Department of Financial Services which will facilitate the cooperation and exchanges of information between the two authorities.
Legal basis
The EBA is responsible for classifying ARTs and EMTs as significant (MiCA Articles 43 and 56). It annually assesses whether tokens should be considered significant or continue to meet applicable criteria. Commission Delegated Regulation (EU) 2024/1506 specifies the indicators to be used for this significance assessment (see also EBA Decision EBA/DC/558). Issuers of significant Asset-referenced tokens (ARTs) are placed under EBA supervision while issuers of significant EMTs are subject to the dual supervision of the EBA and the relevant national competent authority (MiCA article 117). The EBA exercises its powers in close cooperation with other competent authorities (MiCA Articles 117(5) and 128) and the supervisory colleges established (MiCA Article 119).
