The European Banking Authority announced on October 14 that USDC issued by Circle Internet Financial Europe SAS is the European Union’s first significant e-money token under MiCA. This designation triggers a transfer of key supervisory responsibilities from France’s ACPR to the EBA on November 12, covering own funds, reserve assets, and recovery and redemption plans. Circle requested greater reserve flexibility on October 1, arguing that rigid bank deposit requirements expose stablecoin issuers to banking sector risk. USDC maintains a separate reserve structure between the European and US issuers, with a market capitalization currently at rank 6.
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