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The European Banking Authority (EBA) has classified USDC, issued in the European Union by Circle Internet Financial Europe SAS, as a significant e-money token (EMT) under the Markets in Crypto-Assets Regulation (MiCA). The decision follows an assessment of the token against the significance criteria established under the EU regulatory framework.
USDC is the first e-money token among the 45 EMTs notified under MiCA in the European Union to receive significant classification. The designation will bring changes to its supervisory arrangements, with the EBA assuming direct responsibilities in key areas from November 2026.
EBA to assume expanded supervisory responsibilities
From 12 November 2026, USDC will be subject to the dual-supervision framework established under MiCA for significant e-money tokens. Under this arrangement, certain supervisory responsibilities will transfer from France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) to the EBA.
The EBA will take responsibility for supervising areas including own funds, reserve assets, liquidity requirements, and recovery and redemption plans. The ACPR will retain oversight of other areas, including governance, qualifying holdings, fit-and-proper assessments, outsourcing and conflicts of interest.
The two authorities are expected to work closely together to support the transition and maintain effective supervisory cooperation.
The arrangement reflects MiCA’s approach to overseeing significant EMTs through coordination between EU-level and national regulators. It also establishes a clearer division of responsibilities for monitoring the financial and operational safeguards associated with the token.
Cross-border cooperation on USDC supervision
USDC is issued in the European Union by Circle Internet Financial Europe SAS and in the United States by Circle Internet Financial, LLC. The token’s presence across both jurisdictions makes cooperation between supervisory authorities an important element of its oversight.
To support supervision of cross-border stablecoin activities, the EBA has signed a memorandum of understanding with the New York State Department of Financial Services. The agreement is intended to facilitate cooperation and information exchange between the two authorities.
Such arrangements provide a framework for regulators to coordinate their oversight of stablecoin activities that span different jurisdictions, helping them exchange relevant supervisory information.
MiCA establishes the legal basis for significant token classification
Under Articles 43 and 56 of MiCA, the EBA is responsible for classifying asset-referenced tokens (ARTs) and e-money tokens as significant. The authority conducts annual assessments to determine whether tokens meet the applicable criteria or should retain their existing classification.
Commission Delegated Regulation (EU) 2024/1506 specifies the indicators used in these significance assessments, alongside the relevant provisions of EBA Decision EBA/DC/558.
MiCA also establishes different supervisory arrangements depending on the type of token. Issuers of significant asset-referenced tokens fall under EBA supervision, while issuers of significant EMTs are subject to dual supervision by the EBA and the relevant national competent authority.
Articles 117, 117(5), 119 and 128 provide the legal framework for these supervisory responsibilities, including cooperation between competent authorities and the supervisory colleges established under the regulation.
Implications for stablecoin regulation in Europe
The classification of USDC marks a significant development in the implementation of MiCA’s stablecoin oversight framework. It places the token under a more coordinated supervisory structure covering key financial safeguards, while preserving the role of national authorities in other regulatory areas.
The transition scheduled for November 2026 will require cooperation between the EBA and the ACPR, while the memorandum with the New York State Department of Financial Services provides a basis for cross-border information exchange.
As European authorities continue implementing MiCA, the classification illustrates how the regulation’s significance criteria can shape supervisory responsibilities for widely used digital assets and strengthen oversight of stablecoin activities across jurisdictions.
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