The European Banking Authority (EBA) has classified Circle's USDC as a significant e-money token under the EU's MiCA framework, a status granted to only 45 other projects. The EBA and France's Autorité de Contrôle Prudentiel et de Résolution will jointly oversee the stablecoin, which has a $73 billion market cap, second only to Tether's USDt at $184 billion. The move comes as many EU-based issuers push for regulated dollar stablecoins, while the European Central Bank continues to explore a digital euro.
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Original headline: EU authority classifies Circle’s USDC as ‘significant’ under MiCA
Read the original on Cointelegraph ↗
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- USDC’s EU Reserves and Capital Shift to EBA Supervision in MiCA’s First ‘Significant’ Call
Circle’s European USDC issuer will fall under European Banking Authority (EBA) supervision for reserves, liquidity and capital from Nov. 12, after the EBA classified USDC as a significant e-money token under MiCA. The EBA announced the decision on Oct. 14, noting that 45 e-money tokens have been notified under MiCA and USDC is the first classed as significant. Under dual supervision, the EBA takes over capital, reserves, liquidity and recovery plans, while France’s ACPR keeps governance oversight. The release did not say which significance criteria USDC met. Circle had argued in an Oct. 1 submission for replacing the bank-deposit reserve rule, which rises to 60% for significant tokens, with a looser liquidity standard; the EBA did not address this.
- Circle Expands USDC Stablecoin To 40 New Markets
Circle (NYSE: CRCL) says it will expand its USDC stablecoin into 40 new markets as global demand grows, particularly across Asia, Latin America and the Middle East. CEO Jeremy Allaire said businesses and individuals are increasingly using stablecoins for payments, marking a shift from early adoption to mainstream use. USDC has about $72.6 billion in circulation, roughly a quarter of the stablecoin market versus nearly 60% for Tether's USDT. Earlier this year, Circle agreed to buy Singapore-based payments firm Tazapay for $400 million, gaining access to banking and payment networks in more than 100 markets. CRCL shares have fallen 33% over the past 12 months and trade at $86.43.
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