The European Banking Authority (EBA) has designated USDC, issued by Circle Internet Financial Europe SAS, as the first significant electronic money token under the Markets in Crypto-Assets Regulation (MiCA). To date, 45 electronic money tokens have been notified under MiCA in the EU. From 12 November 2026, prudential supervisory responsibilities for USDC—including own funds, reserve assets, liquidity requirements, and recovery and redemption plans—will be transferred from the French Prudential Supervision and Resolution Authority (ACPR) to the EBA. The ACPR will continue to supervise areas such as corporate governance, qualifying holdings, outsourcing, and conflicts of interest.

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