EU authority classifies Circle’s USDC as ‘significant’ under MiCA

The second-largest stablecoin by market cap will be overseen by French and EU authorities under its classification as a “significant e-money token.“ The European Banking Authority (EBA) has classified Circle’s USDC stablecoin as a significant e-money token under the region’s Markets in Crypto Assets (MiCA) framework. In a Wednesday notice, the banking regulator said the e-money token classification, granted to only 45 other projects, effectively means the USDC stablecoin will be jointly overseen by the EBA and France’s supervisory authority, the Autorité de Contrôle Prudentiel et de Résolution.