Overview
- The European Banking Authority announced on Wednesday that USDC, issued in the EU by Circle Internet Financial Europe SAS, meets MiCA’s threshold for a significant e‑money token.
- From 12 November 2026 the EBA will assume direct supervision of USDC’s own funds, reserve assets, liquidity requirements, and recovery and redemption plans while France’s ACPR keeps governance, ownership checks, fit‑and‑proper assessments, outsourcing and conflict oversight.
- The EBA signed a memorandum of understanding with the New York State Department of Financial Services to enable cross‑border information exchange and cooperation for supervision of the token issued on both sides of the Atlantic.
- The EBA did not disclose which of MiCA’s numerical or activity criteria USDC met to qualify as significant, leaving open how the authority applied measures like holder counts, issued value or transaction thresholds.
- The move matters for users and platforms because timely redemptions rely on reserve liquidity and cross‑border transfers of funds, and the EBA will chair supervisory colleges and reassess significance annually to manage those cross‑jurisdictional risks.