EBA names USDC first significant e-money token under MiCA, moving EU oversight from France
The EBA named USDC the EU's first significant e-money token under MiCA on 14 October; from 12 November it oversees reserves, liquidity and redemptions alongside France's ACPR.
Why it matters
USDC is the first issuer to sit in MiCA's top oversight tier while the other 44 notified e-money tokens stay with national regulators. Circle's July 2024 French licence now comes paired with direct EBA supervision of reserves, liquidity and redemptions, and the reported jump in segregated-reserve requirements from 30% to 60% comes from ambcrypto alone. The EBA published no reason for the call, so it remains unclear what would put another token in the same category.
Where the sources disagree
Start date of the new supervision regime
November 12, 2026
Finance Magnates Crypto, Crypto.News, TheNewsCrypto, Bitcoin.com News, Unchained, CryptoPotato, Crypto News (CryptoNews.net)
Effective date yet to be specified
Crypto News (CryptoNews.net)
Most outlets date the shift to EBA supervision at 12 November 2026, while one aggregated summary says the effective date has not been specified.
Type of EBA cooperation with New York regulators
Information sharing agreement with New York regulators
Crypto.News
Memorandum of understanding with the New York State Department of Financial Services
CryptoPotato, Crypto News (CryptoNews.net), Crypto News (CryptoNews.net)
Crypto.News describes an information sharing agreement with New York regulators while CryptoPotato and Crypto News report a memorandum of understanding with the New York State Department of Financial Services.
What is the first
First e-money token facing MiCA oversight in the EU
Crypto News (CryptoNews.net)
First of 45 notified e-money tokens to receive the significant classification, the others remaining under national supervision
Finance Magnates Crypto, Crypto.News, Bitcoin Insider, Unchained, CryptoPotato
Crypto News frames USDC as the first e-money token subject to MiCA oversight in the EU, whereas the EBA notice and other outlets describe it as the first of 45 already-notified tokens to earn the significant designation, with the rest supervised by national regulators.
Key facts
The European Banking Authority classified USDC as the first significant e-money token under MiCA on 14 October 2026.
Disputed figureReported by Finance Magnates Crypto
Forty-five e-money tokens are notified under MiCA across the EU and USDC is the first to carry the significant designation.
45 tokensReported by Finance Magnates Crypto
Circle Internet Financial Europe SAS issues USDC in the EU and holds an electronic money institution licence from the ACPR dating to July 2024.
Reported by Finance Magnates Crypto
Tether did not seek MiCA authorisation for USDT and major regulated platforms delisted it before the 1 July deadline.
Reported by Finance Magnates Crypto
ambcrypto reported that Circle must hold at least 60% of USDC reserves in segregated bank accounts, against 30% for non-significant issuers.
60 %Reported by Crypto News (CryptoNews.net)
What happened
On 14 October 2026 the European Banking Authority classified USDC as the first significant e-money token under the EU's Markets in Crypto-Assets Regulation, the first of 45 tokens notified in the bloc. From 12 November 2026 the EBA takes charge of capital requirements, the asset reserve, liquidity and recovery and redemption plans, while France's ACPR, which licensed Circle's European arm Circle Internet Financial Europe SAS in July 2024, keeps governance, qualifying holdings, fit-and-proper checks, outsourcing and conflicts of interest. Unchained reported that the EBA release did not name which significance criterion USDC met and gave no figures on the token's size, and that the regulator reviews each classification once a year. Finance Magnates cited Circle for USDC circulation of $73.3 billion at the end of June, up 19% from a year earlier, while Cointelegraph called it the second-largest stablecoin by market capitalisation at $73 billion against Tether's $184 billion. Finance Magnates also reported that Tether never sought MiCA authorisation for USDT and that major regulated platforms delisted it before the 1 July deadline. ambcrypto, republished by Crypto News, reported that Circle must keep at least 60% of USDC reserves in segregated bank accounts against 30% for non-significant issuers, a threshold no other outlet in this set gives.
How the story developed
- Official statement
EBA notice designates USDC as the EU's first significant e-money token
The notice states that 45 e-money tokens are notified under MiCA and that USDC is the first classified as significant, without naming the criterion met or giving size figures.
- First report
First report by Finance Magnates Crypto
EU Banking Regulator Takes Over Key Oversight of Circle’s USDC Stablecoin
- Update
Dual EBA and ACPR supervision takes effect
The EBA begins direct oversight of reserves, liquidity, capital and redemption plans for USDC.
- Independent corroboration
Independently corroborated by Cointelegraph
EU authority classifies Circle’s USDC as ‘significant’ under MiCA
- Update
EBA cooperation with New York regulators surfaces in coverage
Reports describe an arrangement between the EBA and New York regulators on cross-border stablecoin supervision.
- Official statement
Official statement from Bitcoin.com News
Circle’s USDC Is First to Cross Europe’s Stablecoin Threshold
- Update
Outlets report the split between EBA and ACPR duties
Bitcoin.com News and Unchained set out which supervisory tasks move to the EBA and which the French regulator retains.
- Update
ambcrypto account adds a segregated reserve threshold
The republished account says significant issuers must hold at least 60% of reserves in segregated bank accounts against 30% for non-significant issuers.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 14 Oct 2026, 16:27 UTC: Finance Magnates Crypto, Mainstream media — 1 independent source, 1 reports
- 14 Oct 2026, 19:03 UTC: Cointelegraph — 2 independent sources, 2 reports
- 15 Oct 2026, 04:24 UTC: Crypto.News — 3 independent sources, 3 reports
- 15 Oct 2026, 07:21 UTC: TheNewsCrypto — 4 independent sources, 5 reports
- 15 Oct 2026, 12:15 UTC: Bitcoin.com News, official — 5 independent sources, 6 reports
- 15 Oct 2026, 13:54 UTC: Crypto News (CryptoNews.net) — 6 independent sources, 7 reports
- 15 Oct 2026, 16:38 UTC: Unchained — 7 independent sources, 8 reports
- 15 Oct 2026, 22:20 UTC: CryptoPotato — 8 independent sources, 9 reports
Affected entities
Also mentioned: Tether USDt, Base, Visa, Coinbase, Mastercard, European Central Bank, Kraken
Original sources
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