What changed
The EBA said USDC, issued in the EU by Circle Internet Financial Europe SAS, is the first e-money token to meet the threshold for significance under the Markets in Crypto-assets framework. From November 12, 2026, the EBA will directly oversee areas including own funds, reserve assets, liquidity, recovery and redemption planning. France’s ACPR will retain responsibility for governance, qualifying holdings, management suitability, outsourcing and conflicts of interest.
Why it matters
The designation creates a clearer split of supervisory responsibilities for one of the most widely used dollar-referenced stablecoins. It does not remove merchants’ obligations to understand counterparties, settlement paths or conversion risks, but it places key reserve and redemption safeguards under EU-level oversight. The EBA noted that 45 e-money tokens had been notified across the EU when it made the decision.
What it means for merchants
Businesses accepting or settling in USDC should review which Circle entity and intermediaries are in their flow, then confirm redemption, reserve, reconciliation and contingency terms ahead of the supervisory transition.
Read the original announcement
European Banking Authority · 14 Oct 2026This brief summarizes the linked primary source. Claims and reported figures have not been independently audited by Payment Guide.