Circle’s European USDC issuer will report directly to the European Banking Authority (EBA) on reserves, liquidity, and capital requirements starting November 12. This marks the first time the EU agency has classified an e-money token as significant under the Markets in Crypto-Assets (MiCA) regulation. The designation triggers enhanced supervisory oversight for USDC within the European Union. Circle must now comply with stricter prudential standards mandated by the EBA for significant asset-referenced and e-money tokens.