EU banking regulator classifies Circle's USDC as the first 'significant' stablecoin under MiCA

Circle/USDC

The European Banking Authority designated USDC, issued in the EU by Circle, as a significant e-money token, the first of the 45 e-money tokens notified under MiCA to get that label. From 12 November 2026 the EBA takes over prudential supervision of USDC from France's ACPR, which keeps governance-related oversight.

• The EBA takes over own funds, reserve of assets, liquidity requirements and recovery and redemption plans, which the ACPR supervised until now.
• The ACPR keeps governance, qualifying holdings, fit and proper assessments, outsourcing and conflicts of interest.
• Significance is reviewed every year; the press release does not list the criteria, which Delegated Regulation (EU) 2024/1506 sets out.
• The EBA also signed a memorandum of understanding with the New York State Department of Financial Services to coordinate cross-border oversight.