The EBA classified Circle's USDC as a significant e-money token under MiCA. It is the first of 45 notified e-money tokens in the EU to get the label.
From November 12, USDC moves to dual supervision. The EBA takes over direct oversight of its own funds, reserve assets, liquidity, and recovery and redemption plans from France's ACPR. The ACPR keeps governance, qualifying holdings, fit and proper checks, outsourcing and conflicts of interest.
The EBA also signed a memorandum with New York's DFS to cooperate on cross-border stablecoins, as USDC is issued in both the EU and the US.
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