USDC Becomes EU’s First Significant E-Money Token Under MiCA
The shift puts EU-issued USDC reserves, liquidity and redemption planning under direct EBA supervision, while Circle's proposed changes to reserve rules remain a separate policy debate.
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The shift puts EU-issued USDC reserves, liquidity and redemption planning under direct EBA supervision, while Circle's proposed changes to reserve rules remain a separate policy debate.
The designation makes USDC the first of 45 notified EU e-money tokens classified as significant under MiCA, placing key reserve and liquidity oversight with the EBA.
The review could bring app-based routes into scope, but the EBA's recommendations are not rules and the Commission has not committed to legislation.