USDC faces stricter EU oversight – What changes for Circle under MiCA?

The European Banking Authority (EBA) recently named USD coin [USDC] as the first major e-money token in the European Union under MiCA. According to the EBA, the decision has introduced tighter regulations on Circle’s stablecoin. This includes the introduction of new supervisory rules from the 12th of November 2026. Thereafter, EBA will be monitoring Circle’s capital, reserves, liquidity, and redemption guarantees. On the other hand, Circle’s governance and operational activities will still fall within France's ACPR. The EBA stated that Circle must meet several key elements. This includes holding at least 60% of USDC reserves in segregated bank accounts. Previously, non-significant issuers had to keep only 30% or more of their stablecoin reserves in segregated bank accounts. These additional requirements have significantly increased Circle's compliance obligations.

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