The European Banking Authority has classified USDC, issued by Circle Internet Financial Europe SAS, as a significant e-money token under the Markets in Crypto Assets regulation. The decision follows an assessment of criteria established under the regulatory framework. Out of 45 e-money tokens currently notified within the European Union under MiCA, USDC becomes the first to receive this significant classification.
Starting November 12, 2026, USDC will fall under the dual supervision mechanism mandated by MiCA for significant tokens. Direct supervisory duties covering own funds, asset reserves, liquidity requirements, as well as recovery and redemption plans will transfer from France’s Autorité de Contrôle Prudentiel et de Résolution to the European Banking Authority. The French regulator will retain supervisory responsibility over governance, qualifying holdings, fit and proper assessments, outsourcing, and conflicts of interest, with both authorities coordinating to ensure a smooth supervisory transition.
USDC is issued within the European Union by Circle Internet Financial Europe SAS and in the United States by Circle Internet Financial, LLC. To strengthen supervision across borders, the European Banking Authority has entered into a Memorandum of Understanding with the New York State Department of Financial Services to enable regulatory cooperation and information sharing between the two agencies.
Under Articles 43 and 56 of MiCA, the European Banking Authority conducts annual evaluations to classify asset-referenced tokens and e-money tokens as significant based on specific regulatory indicators. While issuers of significant asset-referenced tokens are supervised directly by the European Banking Authority, issuers of significant e-money tokens operate under joint supervision with relevant national authorities.
