The European Banking Authority (EBA) has designated USDC as the first major e-money token in the European Union under MiCA regulation. Starting November 12, 2026, Circle must hold at least 60% of USDC reserves in segregated bank accounts, up from just 30% previously for non-significant issuers. The EBA will now supervise Circle’s capital reserves, liquidity, and redemption guarantees. Circle’s CCTP protocol has surpassed $100 million in non-USDC asset transfers, including EURC, CirBTC, and WETH. Euro stablecoins represent only $768 million compared to $306.5 billion for dollar-pegged tokens, accounting for just 0.25% of the combined supply.
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