The European Banking Authority (EBA) has classified USDC, issued in the EU by Circle Internet Financial Europe SAS, as a significant e-money token (EMT) under the Markets in Crypto-Assets Regulation (MiCA). The decision follows the authority’s assessment of the significance criteria set out in the regulation. Of the 45 EMTs currently notified under MiCA in the EU, USDC is the first to receive this classification.
Supervision split between the EBA and the ACPR
From 12 November 2026, USDC will fall under the dual supervisory model that MiCA applies to significant EMTs. Direct supervisory responsibility for own funds, reserve of assets, liquidity requirements, and recovery and redemption plans will move from the Autorité de Contrôle Prudentiel et de Résolution (ACPR) to the EBA. The ACPR will keep responsibility for governance, qualifying holdings, fit and proper assessments, outsourcing, and conflicts of interest.
This division moves the prudential areas most closely tied to a token’s backing and redeemability to EU level: the reserve of assets, liquidity, and the plans for recovery and redemption. Organisational and conduct-related matters stay with the national competent authority. The two authorities have said they will work closely together to manage the transition and coordinate their supervisory work.
USDC is issued in the EU by Circle Internet Financial Europe SAS and in the US by Circle Internet Financial, LLC. To support its supervision of cross-border stablecoin activities, the EBA has signed a Memorandum of Understanding with the New York State Department of Financial Services (NYDFS). The agreement is intended to make cooperation and information exchange between the two authorities easier.
Legal basis for the classification
Under MiCA Articles 43 and 56, the EBA is responsible for classifying asset-referenced tokens (ARTs) and EMTs as significant. Each year, it assesses whether tokens should be considered significant or whether they continue to meet the applicable criteria. Commission Delegated Regulation (EU) 2024/1506 specifies the indicators used in this assessment, and the procedure is set out in EBA Decision EBA/DC/558.
MiCA treats the two token types differently once they are deemed significant. Issuers of significant ARTs come under EBA supervision. Issuers of significant EMTs are subject to dual supervision by the EBA and the relevant national competent authority, as set out in Article 117. The EBA exercises these powers in close cooperation with other competent authorities under Articles 117(5) and 128, and through the supervisory colleges established under Article 119.
What the decision means for EMT issuers
The classification is the first time MiCA’s significance framework has been applied to an EMT. It moves the dual supervisory model from regulatory text into supervisory practice. For issuers, the decision shows the consequences of meeting the significance criteria: core prudential oversight shifts to the EU level, while governance and conduct-related supervision stays with the national authority.
The assessment is repeated annually, so the status of USDC and the remaining 44 notified EMTs stays under review against the indicators in Delegated Regulation 2024/1506. The agreement with the NYDFS also shows that supervising stablecoins issued across jurisdictions may involve formal information-sharing arrangements with authorities outside the EU.