The European Banking Authority (EBA) has designated USDC, issued by Circle Internet Financial Europe SAS, as the first significant e-money token (EMT) under the Markets in Crypto-Assets Regulation (MiCA). While 45 EMTs have completed notification in the EU, USDC is the inaugural token to receive this significant classification. Effective November 12, 2026, prudential supervisory responsibilities for USDC’s own funds, reserve assets, liquidity requirements, and recovery plans will transfer from the French Prudential Supervision and Resolution Authority (ACPR) to the EBA. The ACPR will retain oversight of corporate governance, qualifying holdings, outsourcing, and conflicts of interest. Additionally, the EBA has signed a memorandum of understanding with the New York State Department of Financial Services to strengthen cross-border stablecoin supervision.