On November 12, supervision of the financial safeguards for EU-issued USDC by Circle France was transferred to the European Banking Authority (EBA). The EBA now oversees regulatory capital, reserve assets, liquidity requirements and redemption plans, while France’s Autorité de contrôle prudentiel et de résolution retains responsibilities for governance, qualifying holdings, outsourcing and conflicts of interest. Circle warns that the classification of USDC as a significant e-money token could impose additional capital, liquidity and compliance requirements, but it has not quantified these potential costs. No changes to redemption terms or holder fees were announced, and the disclosure identifies no quantified financial charge linked to the transition.
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