EBA to Take Direct Oversight of Circle’s EU USDC Issuer Nov. 12

The European Banking Authority (EBA) will begin directly supervising Circle’s European Union USDC issuer on Nov. 12, taking charge of specified financial safeguards while France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) retains several other oversight duties. The change follows the EBA’s Oct. 14 classification of USD Coin (USDC) issued by Circle Internet Financial Europe SAS as a significant e-money token (EMT) under the EU’s Markets in Crypto-Assets Regulation (MiCA). It was the first significant EMT among 45 e-money tokens notified under MiCA. The EBA’s remit covers the issuer’s own funds, reserve assets and liquidity requirements, as well as its recovery and redemption plans. The ACPR keeps responsibility for governance, qualifying holdings, fit-and-proper assessments, outsourcing and conflicts of interest. The two authorities will coordinate during the transition.

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