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# EU’s EBA classifies USDC as the first significant e-money token
European regulators have ranked stablecoins.
The European Banking Authority has listed USDC as the first significant e-money token.
The classification is based on the MiCA rules.
MiCA is the EU’s unified regulatory framework for crypto assets.
Stablecoins have their own dedicated chapter in it.
This label is less an honor than an obligation.
Once classified as significant,
issuers face stricter capital requirements.
Liquidity and custody standards are also raised.
They are also subject to closer day-to-day supervision.
Why was USDC the first to qualify?
Its circulation and cross-border use are both substantial.
It also has a broad reach in the euro area.
Euro-area stablecoins have yet to reach this scale.
The industry sees two implications in this move.
First, the compliance bar has been raised.
Second, the market is likely to become more concentrated among the largest players.
Smaller issuers will struggle to keep up with these costs.
Those with a clearly defined status have a head start.
For crypto, competition among stablecoins is shifting from on-chain to licensing.
Do you think these requirements will push smaller players out? Share your thoughts in the comments.
# EU’s EBA classifies USDC as the first significant e-money token
European regulators have ranked stablecoins.
The European Banking Authority has listed USDC as the first significant e-money token.
The classification is based on the MiCA rules.
MiCA is the EU’s unified regulatory framework for crypto assets.
Stablecoins have their own dedicated chapter in it.
This label is less an honor than an obligation.
Once classified as significant,
issuers face stricter capital requirements.
Liquidity and custody standards are also raised.
They are also subject to closer day-to-day supervision.
Why was USDC the first to qualify?
Its circulation and cross-border use are both substantial.
It also has a broad reach in the euro area.
Euro-area stablecoins have yet to reach this scale.
The industry sees two implications in this move.
First, the compliance bar has been raised.
Second, the market is likely to become more concentrated among the largest players.
Smaller issuers will struggle to keep up with these costs.
Those with a clearly defined status have a head start.
For crypto, competition among stablecoins is shifting from on-chain to licensing.
Do you think these requirements will push smaller players out? Share your thoughts in the comments.