Protocols & Policy · Stablecoins
The European Banking Authority will take over parts of the supervision of Circle's EU issuer from France's ACPR from Nov. 12, under MiCA's rules for significant tokens.
The European Banking Authority has classified USDC as a significant e-money token under the EU's Markets in Crypto-Assets Regulation, known as MiCA. It is the first token in the bloc to get that label, the regulator said Oct. 14 (source 1).
This is a regulatory classification, not a product change. The EBA's decision covers USDC as issued in the EU by Circle Internet Financial Europe SAS, and changes who supervises that issuer (source 1).
The EBA's own words: "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." It added: "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" (source 1).
Under MiCA, an e-money token is a crypto-asset that "purports to maintain a stable value by referencing the value of one official currency" (source 2). "Significant" is a status the EBA assigns. According to the release, "The EBA is responsible for classifying ARTs and EMTs as significant (MiCA Articles 43 and 56)," and "It annually assesses whether tokens should be considered significant or continue to meet applicable criteria." The indicators it uses are set out in Commission Delegated Regulation (EU) 2024/1506 (source 1). The release does not list those indicators or say which ones USDC met.
What the label changes is supervision. Under MiCA, the release says, "issuers of significant EMTs are subject to the dual supervision of the EBA and the relevant national competent authority (MiCA article 117)" (source 1). For USDC, the release names France's Autorité de Contrôle Prudentiel et de Résolution (ACPR) as the authority that hands responsibilities to the EBA and keeps the rest (source 1).
The handover date is set. "From 12 November 2026, USDC will be subject to the dual supervision foreseen by MiCA for significant EMTs," the EBA said (source 1).
| Area | Supervisor from Nov. 12, 2026 |
|---|---|
| Own funds | EBA (moves from ACPR) |
| Reserve of assets | EBA (moves from ACPR) |
| Liquidity requirements | EBA (moves from ACPR) |
| Recovery and redemption plans | EBA (moves from ACPR) |
| Governance | ACPR |
| Qualifying holdings | ACPR |
| Fit and proper assessment | ACPR |
| Outsourcing | ACPR |
| Conflicts of interest | ACPR |
The EBA describes the ACPR's list as "areas such as" these, so it may not be complete. "The EBA and the ACPR will work closely together to ensure a smooth transition and effective supervisory cooperation," the release says (source 1).
Under the split, the EBA takes the reserve of assets, own funds, liquidity and recovery and redemption plans, while the ACPR keeps governance and related areas (source 1).
USDC has a U.S. side too. "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. "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" (source 1).
The release contains no statement from Circle. The classification is not permanent by design: the EBA reassesses significance annually (source 1).
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