European Banking Authority names USDC the EU's first significant e-money token
The classification under MiCA means USDC will be subject to dual supervision by the EBA and the ACPR from 12 November 2026.
AI illustrationThe European Banking Authority said on 14 October 2026 that it has classified USDC as a significant e-money token under the EU's Markets in Crypto Assets Regulation (MiCA). Of the 45 e-money tokens notified under MiCA in the European Union, USDC is the first to be given that status, the authority said.
USDC is issued in the European Union by Circle Internet Financial Europe SAS and in the United States by Circle Internet Financial, LLC. The EBA said it made the classification after assessing the token against the criteria set out in the regulation.
The decision changes how the token is overseen. From 12 November 2026, USDC will be subject to the dual supervision that MiCA provides for significant e-money tokens. Direct supervisory responsibility for own funds, the reserve of assets, liquidity requirements, and recovery and redemption plans will pass to the EBA from the Autorité de Contrôle Prudentiel et de Résolution (ACPR).
The ACPR will remain responsible for areas such as governance, qualifying holdings, fit and proper assessment, outsourcing and conflicts of interest. The EBA said the two authorities will work closely together to ensure a smooth transition and effective cooperation.
To support its supervision of cross-border stablecoin activities, the EBA has also signed a Memorandum of Understanding with the New York State Department of Financial Services. The authority said the agreement will facilitate cooperation and the exchange of information between the two bodies.
Under MiCA, the EBA is responsible for classifying asset-referenced tokens (ARTs) and e-money tokens as significant. Each year it assesses whether tokens should be considered significant or continue to meet the applicable criteria, using indicators specified in Commission Delegated Regulation (EU) 2024/1506. Issuers of significant ARTs are placed under EBA supervision, while issuers of significant e-money tokens are subject to the dual supervision of the EBA and the relevant national competent authority.