The European Banking Authority has designated USDC a “significant e-money token” under MiCA, making it the first stablecoin to receive this status. Starting November 12, Circle’s European operations will fall directly under EBA supervision. Stablecoins are starting to be treated as legitimate financial infrastructure and brought into the regulatory fold. Compliance costs are rising, but the barrier to entry for institutions is actually lower. USDC is dancing in shackles—but in the long run, it’s steadier than the wild ones.

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