Current outcome
The European Banking Authority classified Circle's USDC as a 'significant e-money token' under MiCA, placing the $73 billion stablecoin under joint EU and French supervisory oversight with heightened compliance requirements.
Progress timeline
2 material updates- #01
Circle can delay European USDC redemptions if reserves cannot cross borders
Circle's European USDC redemption policy permits temporary delays if reserves cannot move between its French and U.S. issuers, creating a potential cash-access boundary for EEA holders despite their par-value redemption right.
Source evidence: CryptoSlate
- #02
USDC被列为欧盟首个「重要电子货币代币」
The European Banking Authority designated Circle-issued USDC as the EU's first 'significant' e-money token under MiCA, transferring direct supervision of its capital, reserves, liquidity and recovery/redemption plans to the EBA from France's ACPR starting 12 November 2026, and paired with a new EBA–NYDFS cooperation memorandum.
Source evidence: theblockbeats · Cointelegraph · theblockbeats