Circle's USDC designated as EU's first "significant" e-money token under MiCA, entering joint supervision by EBA and ACPR starting November 12.
DeFi & Yields ·
Circle's USDC has been classified by the European Banking Authority as the first e-money token to meet the "significant" threshold under the EU's Markets in Crypto-Assets Regulation. The token holds the designation as the world's second-largest stablecoin by market capitalization and is the inaugural recipient among 45 notified e-money tokens to achieve this regulatory status.
Starting November 12, oversight of USDC will shift to a dual framework involving two authorities. The EBA will assume responsibility for capital adequacy, reserve and liquidity requirements, and contingency arrangements for redemptions and recovery. France's ACPR will retain authority over governance structures and other operational compliance measures.
The move marks the first application of MiCA's significance criteria to a stablecoin asset and establishes a template for how the EU regime will supervise tokens meeting heightened thresholds. Whether additional e-money tokens from the 45 notified candidates will receive similar classification remains to be seen.