USDC’s EU Reserves and Capital Shift to EBA Supervision in MiCA’s First ‘Significant’ Call

Circle’s European USDC issuer will answer to the European Banking Authority (EBA) on reserves, liquidity and capital from Nov. 12 , after the regulator deemed the dollar stablecoin a significant e-money token under MiCA, Europe’s Markets in Crypto-Assets Regulation. The EBA disclosed the decision on Oct. 14. According to the agency, 45 e-money tokens (EMTs) have been notified under MiCA across the bloc, and “USDC is the first one to be classified as being significant.” The release did not say which of MiCA’s significance criteria USDC met, and it gave no figures on the token’s size. The EBA reviews each classification once a year. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter .

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