EBA names Circle’s USDC EU’s first significant e-money token

The European Banking Authority classified Circle’s USDC as the European Union’s first significant e-money token under MiCA on Oct. 14, according to The Block’s report on the EBA announcement. The EBA said USDC was the first of 45 e-money tokens notified under MiCA to receive that classification.

What changes when EBA supervision begins?

From Nov. 12, 2026, the EBA will take direct responsibility for supervising USDC’s own funds, reserve assets, liquidity requirements, and recovery and redemption plans. Those areas are currently supervised by France’s Autorité de Contrôle Prudentiel et de Résolution, or ACPR, the EBA said.

The classification brings USDC under the dual supervision MiCA provides for significant e-money tokens. The ACPR will retain responsibility for governance, qualifying holdings, fit-and-proper assessments, outsourcing and conflicts of interest, while the EBA takes over the specified prudential areas.

Who issues USDC in the EU?

Circle Internet Financial Europe SAS issues USDC in the European Union, while Circle Internet Financial LLC issues it in the United States, according to the EBA. The classification followed the EBA’s assessment of significance criteria set out under MiCA.

How will EU and US regulators coordinate?

The EBA said it signed a memorandum of understanding with the New York State Department of Financial Services, which oversees Circle’s New York-regulated operations. The agreement is intended to support cooperation and information exchanges between the authorities on cross-border stablecoin activities.

The EBA and ACPR will work together on the supervisory transition. The change in responsibilities is scheduled to take effect on Nov. 12.

Sources and documents

• The Block’s report on the EBA announcement — theblock.co