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

The European Banking Authority said in its press release that it has classified Circle’s USDC as the European Union’s first ‘significant’ e-money token under the Markets in Crypto-Assets Regulation (MiCA), with a new supervisory arrangement taking effect on 12 November 2026.

What the EBA announced

The regulator said in its press release that USDC, issued in the EU by Circle Internet Financial Europe SAS, is the first of the 45 e-money tokens notified in the bloc to meet the significance threshold. Under MiCA Articles 43 and 56, the EBA assesses annually whether notified tokens cross the indicators set out in Commission Delegated Regulation (EU) 2024/1506, with the procedure fixed in EBA Decision EBA/DC/558.

The supervisory split from November 12

From 12 November 2026, direct supervisory responsibility for USDC’s own funds, reserve assets, liquidity requirements and recovery and redemption plans moves from France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) to the EBA. The ACPR keeps governance duties, qualifying holdings, fit and proper assessments, outsourcing and conflicts of interest. Until that date, the current arrangement stands.

For significant e-money tokens, MiCA’s Article 117 sets this dual model: EU-level oversight of the reserves and liquidity side, shared with the national authority. Issuers of significant asset-referenced tokens, by contrast, come under EBA supervision alone. This is the first time the significance framework has been applied to an e-money token, and the annual reassessment keeps both USDC’s status and the other 44 notified tokens under review.

Scale and the cross-border piece

USDC is the second-largest stablecoin, with a supply of nearly $73 billion as of mid-October 2026, against $184 billion for Tether USDt and a $294 billion total for dollar-pegged stablecoins. To support supervision of cross-border stablecoin activity, the EBA has signed a memorandum of understanding with the New York State Department of Financial Services (NYDFS), which oversees Circle’s New York-regulated operations.

Circle has not commented publicly on the classification, and whether the designation touches EURC or only USDC is not stated in the EBA’s announcement.