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.
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