The European Banking Authority said Wednesday that it classified Circle's USDC as the first significant e-money token among 45 notified under the EU's Markets in Crypto-Assets Regulation. The EBA will directly supervise USDC's own funds, reserve assets, liquidity requirements, and recovery and redemption plans from Nov. 12. France's Prudential Supervision and Resolution Authority will retain responsibility for governance and other specified areas. The EBA also said it signed a memorandum of understanding with the New York State Department of Financial Services to facilitate cross-border oversight and information exchanges.