Policy

USDC’s EU Reserves and Capital Shift to EBA Supervision in MiCA’s First ‘Significant’ Call

Unchained·October 15, 2026·1 min read

Circle's EU issuer will report to the EBA instead of France's ACPR on reserves and liquidity from Nov. 12, after the agency made USDC the first e-money token to cross MiCA's significance bar. The shift marks the first 'significant' call under MiCA's stablecoin framework.

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