European Banking Authority Puts USDC Under Significant-Token Supervision

The European Banking Authority has designated USDC as the EU’s first significant e-money token under MiCA, setting up an additional layer of supervision for Circle’s euro-area issuing entity. TL;DR: The classification was announced on October 14. From November 12, the EBA takes direct responsibility for specified prudential areas of USDC supervision, while French regulators retain other oversight functions. Circle Internet Financial Europe SAS issues the token within the bloc. The EBA said 45 e-money tokens had been notified under MiCA and that USDC was the first to cross the threshold for significant classification. It is a milestone in the operation of Europe’s crypto rulebook rather than a new stablecoin launch. The supervisory division is more nuanced than one agency taking over everything.

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