USDC Moves Under EBA Supervision as First Significant EMT
Circle (USDC) · TradFi · November 12, 2026
From November 12, 2026, USDC becomes the first stablecoin in the EU under MiCA dual supervision: the EBA takes over oversight of its reserves, own funds, liquidity and redemption plans.
The European Banking Authority (EBA) has classified USDC, issued in the EU by Circle Internet Financial Europe SAS, as a significant e-money token (EMT) under the Markets in Crypto Assets Regulation (MiCA). Of the 45 EMTs notified in the European Union, USDC is the first to receive this status. From November 12, 2026, USDC is subject to the dual supervision MiCA sets for significant EMTs: direct supervision of own funds, reserve of assets, liquidity requirements and recovery and redemption plans moves from the French regulator ACPR to the EBA, while the ACPR keeps governance, qualifying holdings, fit and proper checks, outsourcing and conflicts of interest. To cover cross-border stablecoin activity, the EBA has also signed a memorandum of understanding with the New York State Department of Financial Services, which supervises Circle's US entity.
Last verified: · Source: eba.europa.eu
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