EBA Classifies USDC as the EU’s First Significant EMT
The European Banking Authority has designated USDC as the European Union’s first significant electronic money token under the MiCA regulation. Starting November 12, it will assume some direct supervisory responsibilities for the token.
USDC’s significant EMT classification makes it the first electronic money token with this designation in the European Union as of October 14, 2026. The European Banking Authority (EBA) decided that USDC issued in the EU by Circle Internet Financial Europe SAS meets the MiCA regulation’s conditions for a significant e-money token (EMT).
The decision introduces a dual-supervision regime. Starting November 12, 2026, the EBA will assume direct supervisory powers over selected prudential areas of USDC’s operations. France’s ACPR will remain responsible for some other regulatory matters.
What USDC’s significant EMT status means
EMT is a category of crypto-assets regulated by the European MiCA regulation. It is an electronic money token whose value is intended to reference a single official currency. MiCA provides that the EBA classifies an EMT as significant if the token meets at least three statutory criteria. The EBA is also required to regularly review these classifications.
In USDC’s case, the EBA did not state which specific criteria the token met, nor did it publish the values of the indicators used. The announcement therefore does not make it possible to determine the exact set of factors that led to the classification.
According to the EBA, 45 EMTs have been notified under the MiCA regime. USDC is the first of them to receive the designation of significant EMT in the EU.
EBA assumes supervision of reserves and liquidity
Starting November 12, the EBA will directly supervise USDC’s own funds, asset reserve, liquidity, and recovery and redemption plans. These areas are connected with prudential requirements for the token issuer and its redemption mechanisms.
ACPR will retain powers in areas including the company’s management and governance, qualifying holdings, assessments of the suitability of management members, outsourcing, and conflicts of interest. Supervision of USDC will therefore not be fully transferred from the French authority to the EBA but will be divided according to the respective areas of competence.
A precedent for MiCA and stablecoins
USDC’s classification is the first practical case of applying MiCA rules for a significant EMT in the Union. For the EBA, it marks the beginning of direct supervision over key prudential areas of the token, while the national authority continues supervising the other designated matters.
In its announcement, the EBA did not confirm any immediate operational or cost consequences of the supervisory change for Circle or USDC holders. The published information also does not specify whether a more detailed explanation of the criteria used will be issued.
In the coming period, the start of dual supervision on November 12 and any additional guidance from the EBA or ACPR will be important. It also remains an open question whether the EBA will later publish more detailed data on its assessment of USDC and whether other EMTs or asset-referenced tokens (ARTs) in the EU will receive a similar classification.
Sources
- European Banking Authority – Confirms USDC’s classification, the effective date of the supervisory changes, the division of responsibilities between the EBA and ACPR, and the figure of 45 notified EMTs.
- EUR-Lex – Regulation (EU) 2023/1114 (MiCA) – Confirms the MiCA legal framework for classifying significant EMTs, including the requirement for at least three criteria and the transfer of supervisory responsibilities.
Verified and updated: October 15, 2026, 06:19
