USDC’s New EU Status Raises Stakes for Circle’s Global Model

Circle’s USDC has become the first stablecoin to receive the European Union’s significant e-money token designation, placing the company’s cross-border issuance structure under a new level of regulatory scrutiny. The European Banking Authority (EBA) announced the decision on October 14 , selecting USDC from 45 e-money tokens notified under the Markets in Crypto-Assets Regulation (MiCA). Starting November 12, supervision of USDC’s financial safeguards will be shared between the EBA and France’s banking regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR). The designation is not a new authorization to issue or distribute USDC.

Source: Crypto News Flash