The European Banking Authority (EBA) has classified Circle's USDC as the first significant e-money token under the European Union's Markets in Crypto-Assets (MiCA) regulation. [1, 3, 5] USDC is the first of 45 e-money tokens notified in the EU to receive the designation, which subjects it to greater regulatory scrutiny.
The classification takes effect November 12, 2026, and introduces dual supervision. [4, 5, 8] The EBA will directly oversee USDC's reserves, liquidity, capital requirements and redemption plans. [3, 4, 10] France's national regulator, the ACPR, will continue to supervise governance and conflicts of interest. [3, 10]
The designation also brings stricter prudential rules, including a requirement to hold a larger portion of reserves in bank deposits. [6, 8]