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 under the Markets in Crypto Assets Regulation. USDC is the first of the 45 e-money tokens notified under the regulation to receive this classification. From Nov. 12, 2026, USDC will be subject to dual supervision by the EBA and France’s Prudential Supervision and Resolution Authority (ACPR). The EBA will assume direct responsibility for own funds, asset reserves, liquidity requirements, and recovery and redemption plans. The ACPR will retain oversight of governance, qualifying holdings, fit and proper assessments, outsourcing and conflicts of interest. The EBA has also signed a memorandum of understanding with the New York State Department of Financial Services to support cooperation and information exchange concerning USDC’s cross-border activities. USDC is issued in the United States by Circle Internet Financial LLC.
European Banking Authority classifies USDC as the EU’s first significant e-money token
The European Banking Authority has classified USDC as the EU’s first significant e-money token under the Markets in Crypto Assets Regulation. From Nov. 12, 2026, the EBA and France’s Prudential Supervision and Resolution Authority will divide supervisory responsibility for the token. The EBA has also agreed to exchange information with the New York State Department of Financial Services on USDC’s cross-border activities.