EBA classification of USDC as the first significant EMT under MiCAR, 14 October 2026

On the 14^th of October 2026, the European Banking Authority classified USDC, issued in the EU by Circle Internet Financial Europe SAS and in the United States by Circle Internet Financial, LLC, as the first significant e-money token (EMT) under the Markets in Crypto-Assets Regulation (2023/1114/EU, MiCAR). As of the 12^th of November 2026, while the EBA will take over direct supervisory responsibilities in areas of own funds, reserve of assets, liquidity requirements, and recovery redemption plans, the French Prudential Supervision and Resolution Authority (ACPR) will continue to supervise areas such as governance, qualifying holdings, fit and proper assessment, outsourcing and conflicts of interest. 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, which will ease cooperation and information exchanges between the two authorities.