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EBA classifies USDC as the first significant e-money token
"This requirement increases exposure to the credit and counterparty risk of the banking sector," Circle wrote on October 1, 2026, about the bank-deposit floor in the Markets in Crypto-Assets Regulation (MiCA). On October 14, 2026, the European Banking Authority (EBA) classified USDC, issued by Circle Internet Financial Europe SAS, as a significant e-money token, the first of 45 notified under MiCA.
From November 12, 2026 the EBA takes own funds, the reserve, liquidity and redemption plans from the Autorité de Contrôle Prudentiel et de Résolution (ACPR), which keeps governance. Holders do not get a new coin. They get a second supervisor on redemption.
What the EBA takes over on November 12
Four jobs move and five stay, on the EBA's October 14, 2026 press release. Own funds, the reserve, liquidity, and recovery and redemption plans go to the EBA. The ACPR keeps governance, qualifying holdings, fit and proper assessment, outsourcing and conflicts of interest.
The EBA's supervisory-role page limits its side to liquidity and own funds. The October 14 release also names the reserve.
Article 117 is the dual-supervision rule the release cites. Article 119 is the college. The release says the authorities will work together. It names no members and sets no first meeting.
A 60% deposit floor the notice leaves unstated
Circle's October 1, 2026 post puts the floor at 30% of reserves in bank deposits, and at 60% once a token is significant.
In a review response issued with its September 24, 2026 press release, the EBA tied the same 30% and 60% pair to Article 36(4). It says the floor increases interconnectedness with the EU banking sector, and it scores that row a 2, its mark for a rule that could be relaxed.
Nothing dated October 14 says the 60% limb now binds this issuer, and the notice gives no share of the EU reserve already in bank deposits. The classification is the statutory switch. The press release leaves the arithmetic off the page.
Two issuers behind one USDC ticker
EU-issued USDC comes from Circle Internet Financial Europe SAS. US issuance comes from Circle Internet Financial, LLC. Two legal entities, one four-letter ticker.
Circle Internet Financial Europe SAS is authorised as an electronic money institution by the ACPR, licence 17788 on Circle's page updated September 8, 2026. The US company, on Circle's description, holds a BitLicense from the New York State Department of Financial Services (NYDFS).
An information-sharing memorandum with the NYDFS is what the EBA says it has signed, for cross-border stablecoin activity. The October 14 release gives that memorandum no date. It does not put the NYDFS in charge of the EU issuer.
- July 1, 2024: Circle links its French authorisation to EU issuance of USDC and EURC (Circle).
- September 1, 2026: 39 e-money tokens issued, no asset-referenced token authorised (EBA).
- October 1, 2026: Circle publishes the deposit-risk sentence (Circle).
- October 14, 2026: EBA classifies EU-issued USDC as significant (EBA).
- November 12, 2026: four supervisory jobs move to the EBA (EBA).
45 notified tokens, against a September count of 39
As of September 1, 2026 the EBA counted 39 e-money tokens issued under MiCA, and no authorised asset-referenced token. On October 14 it said 45 have been notified, with USDC first. Issued and notified are not the same verb. The notice does not claim six new tokens in six weeks. None of the other 44 has the label.
A March 2, 2026 CoinGenius report described Qivalis, including ING and UniCredit, as preparing a euro token under MiCA. The October 14 release names no euro token as significant.
The criteria the notice does not name
The release cites Articles 43 and 56 and says the EBA reassesses significance each year. Commission Delegated Regulation (EU) 2024/1506 supplies the indicators. EBA Decision EBA/DC/558 is the procedure the release cites and does not summarise.
Significance needs at least three criteria, the role page says, with thresholds on three quantitative tests and indicators on two qualitative ones. The October 14 text does not say which criteria USDC met, and it gives no outstanding amount or holder count. A reader cannot recompute the result from the notice.
Article 117 is the joint supervision. Article 119 is the college the EBA establishes and chairs. The release speaks of close cooperation and does not name the seats.
For a different custody question, see how a Bitcoin ETF creation basket works, and who holds the coins, filed on October 15, 2026. November 12 changes USDC's supervisor, not where the European reserve sits.
This article is informational analysis only and is not financial advice. Figures are as attributed in the text.
Karthik Subramanian is a founder, writer, and technology consultant with nine years in the crypto ecosystem. He covers token economics, L1/L2 infrastructure, DeFi protocols, wallets/custody, and the bridge between crypto and forex—broker technology, liquidity, and macro drivers. Karthik’s writing focuses on clear, practical frameworks that help professionals evaluate new products and on-chain innovation alongside FX market realities.
