UPDATE: EBA details dual oversight for Circle's USDC starting Nov. 12
CIE News ·
Update to EU labels Circle's USDC as significant e-money token under MiCA
Confirmed by 3 independent news outlets.
Following USDC's classification as a significant e-money token, the EBA confirmed supervisory duties transfer from France on Nov. 12, 2026, alongside an NYDFS cooperation pact.
The European Banking Authority designated USD Coin (USDC) as the European Union's first significant e-money token on October 15, 2026, setting an effective handover date of November 12, 2026. As previously reported, the stablecoin was classified under the EU's Markets in Crypto-Assets regulation, placing the issuer under oversight from both European and French authorities.
USDC was chosen from 45 candidate tokens and has a circulating market capitalization of approximately $73 billion, according to reports. Under the framework taking effect on November 12, 2026, supervision divides between two regulators: the EBA will monitor capital, liquidity, and reserve assets, while France's Autorité de Contrôle Prudentiel et de Résolution will retain authority over corporate governance, operational conflicts, and qualifying holdings.
To manage cross-border reserves, the EBA also formalized a cooperation agreement with the New York State Department of Financial Services. The memorandum of understanding facilitates joint coordination over Circle's dollar reserves held across European and American entities.
Key facts
- Takes effect Nov. 12, 2026
- ~$73B circulating cap
- Chosen from 45 candidate tokens
- EBA-NYDFS cooperation pact
Read the original at crypto.news