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XMR$547.77EBA Names USDC the EU's First Significant E-Money Token Under MiCA
The European Banking Authority on Oct. 14 classified Circle's USDC as a significant e-money token, the first of 45 in the EU. Dual oversight starts Nov. 12.
The European Banking Authority (EBA) has classified Circle's USDC as a significant e-money token (EMT) under the EU's Markets in Crypto-Assets Regulation (MiCA), the regulator said in a press release on Wednesday, Oct. 14, 2026. Of the 45 EMTs notified in the EU, USDC is the first to receive the designation. The new supervisory regime takes effect Nov. 12.
Details
In the EU, USDC is issued by Circle Internet Financial Europe SAS, a French entity that until now has been supervised solely by France's ACPR. From Nov. 12, oversight becomes dual: the EBA takes direct responsibility for the issuer's own funds, reserve assets, liquidity requirements, and recovery and redemption plans. The ACPR keeps governance, qualifying holdings, fit-and-proper checks, outsourcing and conflicts of interest.
In the US, USDC is issued by Circle Internet Financial, LLC. To supervise the token's cross-border activity, the EBA signed a memorandum of understanding with the New York State Department of Financial Services (NYDFS) covering cooperation and information sharing. The EBA reviews significance annually, using indicators set out in Commission Delegated Regulation (EU) 2024/1506.
USDC has a market capitalization of roughly $72.7 billion, according to CoinGecko, making it the second-largest stablecoin behind Tether's USDT at about $184 billion. Cointelegraph also reported the decision.
What it means for the market
Little changes directly for European USDC holders: the token keeps circulating, and tighter scrutiny of reserves and liquidity puts the burden on the issuer, not users. For Circle, the label acknowledges USDC's scale but brings stiffer capital and reserve requirements.
The move fits a wider build-out of Europe's regulated stablecoin market. On the same day, Qivalis, a consortium of 37 banks preparing a euro stablecoin, won an e-money license. Dollar tokens still dominate, and the EU is choosing to keep the largest MiCA-compliant issuer under direct bloc-level oversight. For live market data, see the daily brief.
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