The USDC stablecoin received significant e-money token (s-EMT) status under the MiCA regulation, becoming the first digital asset to receive this classification among 45 electronic money tokens (EMTs) registered in the European Union.
The European Banking Authority (EBA) announced that USDC had been classified as the first significant e-money token. The new status involves a redistribution of supervisory responsibilities between the EBA and France’s Prudential Supervision and Resolution Authority (ACPR), which oversees Circle Internet Financial Europe SAS, the European issuer of USDC.
Starting November 12, 2026, the EBA will directly supervise 4 areas of the issuer’s operations, including:
Compliance with own funds requirements;
Establishment and maintenance of reserve assets;
Compliance with liquidity requirements;
Preparation of recovery and token redemption plans.
Meanwhile, the ACPR will retain responsibility for supervising corporate governance, qualifying holdings, management suitability, outsourcing arrangements, and the prevention of conflicts of interest.
The EBA is also paying particular attention to USDC’s cross-border circulation, as the stablecoin is issued in the U.S. by Circle Internet Financial, LLC. To coordinate supervision of issuers across jurisdictions, the EBA signed a memorandum of understanding with the New York State Department of Financial Services (NYDFS). The agreement provides for regulatory cooperation and the exchange of information necessary to oversee stablecoin transactions.
