The European Banking Authority (EBA) has classified Circle’s USDC stablecoin as a significant e-money token under the European Markets in Crypto Assets (MiCA) framework. This classification means USDC, the second-largest stablecoin with a market capitalization of $73 billion, will be jointly overseen by the EBA and France’s Autorité de Contrôle Prudentiel et de Résolution. Only 45 other projects have received this classification. The move comes as EU-based token issuers push for regulated US dollar-pegged stablecoins in the region.
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