EU Banking Regulator Takes Over Key Oversight of Circle’s USDC Stablecoin

The European Banking Authority (EBA) classified Circle's USDC as a significant e-money token under the Markets in Crypto-Assets Regulation (MiCA) today (Wednesday). It is the first of the 45 e-money tokens notified in the European Union to receive the label. From November 12, the EBA will directly supervise USDC's own funds, reserve of assets, liquidity and recovery and redemption plans. Those tasks move from France's Prudential Control and Resolution Authority (ACPR), which licensed Circle as an e-money institution in July 2024 . London's trading industry is coming home!