EBA classifies USDC as first significant e-money token in the European Union

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USDC classified as significant e-money token

Highlights

USDC, issued in the EU by Circle Internet Financial Europe SAS, is the first e-money token classified as significant under MiCA by the EBA.
From 12 November 2026, supervisory responsibilities for USDC will transfer from France's ACPR to the EBA, except for governance and fit and proper assessments.
The EBA and New York State Department of Financial Services signed a memorandum of understanding for cross-border oversight and information exchange on USDC and other stablecoins.

MiCA supervision shifts from November

As reported by European Banking Authority, USDC, issued in the European Union by Circle Internet Financial Europe SAS, is classified as a significant e-money token under MiCA after the regulator assessed the criteria set out in the rulebook.

From 12 November 2026, direct supervisory responsibilities for own funds, reserve of assets, liquidity requirements, and recovery and redemption plans move from France's Autorité de Contrôle Prudentiel et de Résolution, ACPR, to the EBA. The ACPR remains responsible for governance, qualifying holdings, fit and proper assessment, outsourcing, and conflicts of interest.

The EBA says it and the ACPR work closely together to support a smooth transition and effective supervisory cooperation under the dual-supervision framework applied to significant EMTs.

Cross-border oversight expands for stablecoins

USDC is issued in the U.S. by Circle Internet Financial, LLC, alongside its European Union issuance by Circle Internet Financial Europe SAS, giving the token a cross-border footprint that adds to the supervisory focus.

To support oversight of cross-border stablecoin activity, the EBA has signed a memorandum of understanding with the New York State Department of Financial Services to facilitate cooperation and information exchange between the two authorities.

Under MiCA, the EBA is responsible for classifying asset-referenced tokens and e-money tokens as significant and reviews annually whether tokens meet or continue to meet the relevant criteria. The indicators used for those assessments are set out in Commission Delegated Regulation (EU) 2024/1506, while significant EMT issuers remain under dual supervision by the EBA and the relevant national competent authority.

Our earlier article examined a surge in cross-border dealmaking in India’s financial sector in 2026, as foreign banks and investors pursued sizeable stakes in lenders and finance companies. It highlighted how multi-billion-dollar transactions across banking and non-bank finance are reshaping ownership structures and signaling stronger international appetite for financial assets.

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