Circle’s USDC Is First to Cross Europe’s Stablecoin Threshold

Circle’s USDC has become the first stablecoin classified as a significant e-money token by the European Banking Authority (EBA), separating it from 44 other notified e-money tokens in the European Union. Beginning Nov. 12, 2026, the designation places USDC under dual regulatory supervision, with the EBA assuming oversight of financial safeguards while France’s banking regulator retains authority over governance and other operational matters. Europe has 45 notified e-money tokens, but only one has earned a regulatory distinction that brings an entirely new level of scrutiny. On Oct. 14, the European Banking Authority (EBA) designated Circle’s USDC as the European Union’s first significant e-money token under the Markets in Crypto Assets Regulation (MiCA).

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