EBA classifies Circle’s USDC as EU’s first significant e-money token

Circle’s dollar stablecoin USDC is the first crypto-asset in the European Union to be labelled a “significant” e-money token under MiCA. The European Banking Authority announced the classification on 14 October 2026.

What “significant” means

There are currently 45 e-money tokens (EMTs) notified in the EU under the Markets in Crypto-Assets Regulation. USDC is the first to meet the significance criteria that trigger tougher, dual supervision.

From 12 November 2026:

• The EBA takes direct supervisory responsibility for own funds, the reserve of assets, liquidity requirements, and recovery and redemption plans (moving those duties from France’s ACPR).
• France’s ACPR keeps oversight of governance, qualifying holdings, fit-and-proper assessments, outsourcing and conflicts of interest.

USDC is issued in the EU by Circle Internet Financial Europe SAS and in the United States by Circle Internet Financial, LLC. The EBA also said it signed a memorandum of understanding with New York’s Department of Financial Services to cooperate on cross-border stablecoin supervision.

Why it matters

Significant status puts Europe’s banking regulator closer to USDC’s reserve and capital regime — a milestone for MiCA’s stablecoin chapter and a competitive signal ahead of deadlines for platforms to delist non-compliant tokens. Readers new to the framework can start with our guide on what a stablecoin is.