TL;DR
USDC became the first of 45 e-money tokens notified under MiCA to be classified as significant by the European Banking Authority, triggering the framework’s dual-supervision model.
From November 12, the EBA will oversee own funds, reserves, liquidity, recovery, and redemption plans, while France’s ACPR retains several governance responsibilities.
The EBA also established regulatory cooperation with New York authorities to support oversight of Circle’s cross-border stablecoin activities and formal information exchanges.
The European Banking Authority has classified USDC as the European Union’s first significant e-money token under MiCA, marking a new supervisory stage for Circle’s dollar-pegged stablecoin. The official announcement says USDC is the first of 45 e-money tokens notified under the framework to meet the significance threshold. The decision places greater regulatory focus on areas closely tied to stablecoin reserve requirements , while preserving a split of responsibilities between European and national authorities. USDC now enters MiCA’s dual-supervision regime for significant EMTs.
EBA Takes Direct Oversight of Key USDC Prudential Areas
From November 12, 2026, the EBA will assume direct supervisory responsibility for USDC’s own funds, reserve assets, liquidity requirements, and recovery and redemption plans. Those responsibilities currently sit with France’s Autorité de Contrôle Prudentiel et de Résolution. The shift gives the EBA direct control over several prudential areas that are central to MiCA stablecoin supervision . The classification therefore changes who supervises critical financial safeguards around USDC rather than replacing national oversight entirely.
The ACPR will continue supervising governance, qualifying holdings, fit and proper assessments, outsourcing, and conflicts of interest. The EBA said both authorities will work closely to support the transition and maintain effective supervisory cooperation. That division reflects the broader regulatory architecture surrounding Circle’s European operations and other authorized e-money tokens. This preserves a national supervisory role even after the EBA takes over the specified prudential responsibilities attached to significance. USDC will remain under a shared framework in which prudential and organizational responsibilities are divided between regulators.
The classification also has a cross-border dimension. 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 has signed a memorandum of understanding with the New York State Department of Financial Services to facilitate cooperation and information exchanges involving international stablecoin activities. The arrangement adds a formal coordination channel between European and New York supervisors overseeing Circle-linked operations.
Under MiCA, the EBA is responsible for determining whether asset-referenced tokens and e-money tokens qualify as significant. The authority assesses that status annually using criteria established by the regulation and related delegated rules. Significant e-money tokens remain subject to dual supervision rather than moving exclusively under the EBA. USDC’s designation sets the first practical example of that supervisory model being applied to an EMT notified in the EU.
