The European Banking Authority (EBA) has designated Circle's USDC as a significant e-money token under the Markets in Crypto-Assets Regulation (MiCA). This makes USDC the first of 45 e-money tokens notified in the EU to receive this classification. Starting November 12, the EBA will directly oversee USDC's own funds, reserve assets, liquidity, and recovery plans, taking over from France's Prudential Control and Resolution Authority (ACPR).
USDC, which had $73.3 billion in circulation at the end of June, will now fall under dual supervision. The ACPR will continue to manage governance, qualifying holdings, and fit-and-proper assessments, while the EBA ensures compliance with MiCA's criteria for significant tokens. These criteria include having over 10 million holders, an issued value or reserve above EUR 5 billion, and more than 2.5 million daily transactions worth over EUR 500 million.
Platforms listing USDC in the EU, such as Kraken and Binance, will now operate under EBA supervision. Kraken expanded support for USDC and EURC in September 2025, while Binance secured a $100 million stake in Circle alongside a five-year USDC agreement. The transition to EBA oversight aims to ensure a smooth handover, with the authority reassessing USDC's significance annually.
USDC is issued in the EU by Circle Internet Financial Europe SAS and in the US by Circle Internet Financial, LLC. The EBA has a memorandum of understanding with the New York State Department of Financial Services (NYDFS) for cross-border stablecoin supervision, facilitating information exchange and mutual assistance.