The European Banking Authority has classified USDC as the first significant e-money token under the Markets in Crypto-Assets Regulation, establishing a dual supervisory structure starting on 12 November 2026.
Transition to dual regulatory supervision
The European Banking Authority (EBA) designated USDC, issued by Circle Internet Financial Europe SAS, as a significant e-money token (EMT) following an assessment against criteria set out in the Markets in Crypto-Assets Regulation (MiCA). Although 45 EMTs are currently notified in the European Union under MiCA, USDC is the first to be deemed significant.
From 12 November 2026, USDC will operate under dual supervision shared between national and EU regulators. Direct oversight regarding own funds, asset reserves, liquidity requirements, and recovery and redemption plans will transfer from France's Autorité de Contrôle Prudentiel et de Résolution (ACPR) to the EBA. The ACPR will retain supervisory responsibility over governance, qualifying holdings, fit and proper assessments, outsourcing, and conflicts of interest.
Regulatory framework and cross-border coordination
Under Articles 43 and 56 of MiCA, the EBA conducts annual assessments to determine token significance based on indicators defined in Commission Delegated Regulation (EU) 2024/1506 and EBA Decision EBA/DC/558. While issuers of significant asset-referenced tokens are supervised directly by the EBA, issuers of significant EMTs fall under joint EBA and national authority oversight in accordance with MiCA Article 117.
To address cross-border supervisory needs, the EBA signed a Memorandum of Understanding with the New York State Department of Financial Services. This agreement supports information exchange and supervisory cooperation regarding USDC, which is issued in the United States by Circle Internet Financial, LLC alongside its European issuer entity.
Domande frequenti
When does dual supervision for USDC begin?
Dual supervision of USDC by the EBA and the ACPR will begin on 12 November 2026.
Which responsibilities shift to the EBA under the new classification?
Direct supervision over own funds, reserve of assets, liquidity requirements, and recovery and redemption plans will transfer from the ACPR to the EBA.
