Circle's USDC Becomes EU's First "Significant" E-Money Token Under MiCA The European Banking Authority (EBA) has classified Circle's USDC as the EU's first "significant" e-money token (EMT) under MiCA, making it the first of 45 notified EMTs to receive the designation. USDC is the world's second-largest stablecoin by market capitalization. Starting November 12, USDC will face joint supervision by the EBA and France's ACPR, with the EBA directly overseeing capital, reserves, liquidity, and recovery and redemption plans, while the ACPR retains oversight of governance and other operational matters.