EBA Classifies USDC as the EU’s First Significant E-Money Token

On October 14, 2026, the European Banking Authority (EBA) announced the classification of USDC, a US dollar-pegged stablecoin issued in the EU by Circle Internet Financial Europe SAS, as a significant e-money token under the Markets in Crypto-Assets Regulation (MiCAR).

USDC is the first of the 45 e-money tokens notified under MiCAR in the EU to receive this classification.

From November 12, 2026, USDC will be subject to supervision by both the EBA and France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR).

The EBA will assume direct supervisory responsibility for own funds, asset reserves, liquidity requirements, and recovery and redemption plans. The ACPR will retain responsibility for governance, qualifying holdings, assessments of the suitability of owners and management, outsourcing, and conflicts of interest.

As USDC is also issued in the United States by Circle Internet Financial, LLC, the EBA has signed a Memorandum of Understanding with the New York State Department of Financial Services to facilitate cooperation and information exchange regarding cross-border stablecoin activities.

Recommendation: Firms holding USDC or providing related services should take note of its new classification and the changes to supervisory responsibilities effective November 12, 2026.