EBA Recognizes USDC as the First Important Electronic Money Token Under MiCA
Written with artificial intelligence.
The European Banking Authority (EBA) has officially designated USDC, issued by Circle Internet Financial Europe SAS, as the first important electronic money token (EMT) under the Markets in Crypto-Assets Regulation (MiCA). Starting November 12, 2026, regulatory responsibilities for USDC will transition from the French Prudential Supervisory Authority (ACPR) to the EBA.
EBA's Designation of USDC
As of October 15, the European Banking Authority (EBA) has recognized USDC as the first important electronic money token (EMT) under the Markets in Crypto-Assets Regulation (MiCA). USDC, issued by Circle Internet Financial Europe SAS, is part of a broader list that currently includes 45 EMTs registered under MiCA in the EU.
Regulatory Transition
Effective November 12, 2026, the EBA will assume regulatory oversight of USDC's capital, reserve assets, liquidity requirements, and recovery and redemption plans. The French Prudential Supervisory Authority (ACPR) will continue to manage governance, qualified holdings, outsourcing, and conflicts of interest.
Cross-Border Cooperation
In addition to this designation, the EBA has signed a memorandum of understanding with the New York State Department of Financial Services (NYDFS) to enhance cross-border regulatory cooperation on stablecoins.