The European Banking Authority (EBA) classifies Circle’s USDC stablecoin as the EU’s first “significant” e-money token under the Markets in Crypto-Assets Regulation (MiCA). Outlets report that the EBA’s decision follows an assessment of USDC against MiCA-related criteria, including factors such as the number of holders, transaction activity, and the token’s value.
According to the coverage, new supervisory responsibilities begin on November 12. Oversight is shared between the EBA and France’s banking regulator, the ACPR, with supervision focused on financial safeguards tied to the classification. One outlet frames USDC as a milestone within EU stablecoin regulation, while other reports emphasize that the designation sets which authorities lead oversight and how supervision is structured going forward.
Overall, the reporting agrees that USDC’s “significant” status is the first of its kind in the EU and that it triggers a defined supervisory arrangement under MiCA, starting mid-November.
