EBA to designate USDC as the EU’s first significant e-money token
BIBIBI
AT A GLANCE
EBA said it would USDC designate it as the EU’s first significant e-money token and, from November 12, assume certain supervisory responsibilities.
Article
【European Banking Authority to designate USDC as the EU’s first significant e-money token】
The European Banking Authority (EBA) announced that, under the Markets in Crypto-Assets Regulation (MiCA), it will designate Circle-issued USDC as a significant e-money token.USDC will thereby become the first of the 45 e-money tokens notified in the EU to meet the designation criteria.
From November 12 onward,EBA will be directly responsible for supervising USDC own funds, reserve assets, liquidity requirements, and recovery and redemption plans. These areas are currently overseen by the French Prudential Supervision and Resolution Authority (ACPR). After the transfer,ACPR will remain responsible for matters including corporate governance, qualifying holdings, suitability assessments, and conflicts of interest.EBA also stated that it had signed a memorandum of understanding with the New York State Department of Financial Services (NYDFS) to facilitate cross-border supervision and information exchange.NYDFS is responsible for supervising Circle’s regulated business in New York State. According to data from The Block,USDC supply is close to 73000000000 USD, making it the world’s second-largest stablecoin.
Key points
01
The European Banking Authority (EBA) announced that, under the Markets in Crypto-Assets Regulation (MiCA), it will designate Circle-issued USDC as a significant e-money token.
02
The original text states that USDC is the first among the 45 e-money tokens notified in the EU to meet the designation criteria.
03
From November 12 onward,EBA will be directly responsible for supervising USDC own funds, reserve assets, liquidity requirements, and recovery and redemption plans.
04
The original text states that these areas are currently overseen by the French Prudential Supervision and Resolution Authority (ACPR); after the transfer,ACPR will remain responsible for matters including corporate governance, qualifying holdings, suitability assessments, and conflicts of interest.
05
EBA It stated that it had signed a memorandum of understanding with the New York State Department of Financial Services (NYDFS) to facilitate cross-border supervision and information exchange.
06
According to data from The Block,USDC supply is close to 73000000000 USD, making it the world’s second-largest stablecoin.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This designation means that supervision in the EU of USDC own funds, reserve assets, liquidity, and recovery and redemption plans will be transferred from ACPR to EBA；ACPR will remain responsible for the corporate governance and other matters listed in the original text.
Why it matters to readers
Supervisory responsibilities will be redistributed:USDC funds, reserves, liquidity, and redemption arrangements will be directly supervised by EBA; the original text also states that EBA and NYDFS will facilitate cross-border supervision and information exchange.
Beginners may monitor whether further information emerges after the supervisory transfer regarding USDC reserves, liquidity, and redemption plans, and should not judge USDC safety or price trend solely on the basis of this report.
Risks and unknowns
The evidence provides only a Telegram-reposted link and does not include the EBA original announcement, so the designation and supervisory transfer arrangements cannot be independently verified.
“November 12” does not specify a year.
close to 73000000000 USD supply and the ranking as the world’s second-largest stablecoin are based solely on data from The Block, with no specific data link provided.
The original text does not explain how the designation will affect USDC issuance, redemption, use, or market price.
Related Developments
Loading event timeline…
Related concepts
Significant e-money token
This term is not in the glossary yet. Browse related concepts in the glossary.
