Economy · 19 d ago
Circle's USDC becomes the first stablecoin under direct EU supervision
The new label
significant e-money token
The European Banking Authority classified USDC as a significant e-money token on Oct 14, under the EU's Markets in Crypto-Assets rules (MiCA). It is the first of the 45 e-money tokens notified under the framework to get the label.
Nov
12
Thursday
European Union
From Nov 12, the banking authority will directly supervise the token's reserves, liquidity, own funds, and its recovery and redemption plans.
EU banking authority
Reserves, liquidity, capital
French regulator
Governance, ownership
France's banking regulator, the Autorité de Contrôle Prudentiel et de Résolution, keeps oversight of Circle's governance, ownership, outsourcing and conflicts of interest in Europe.
USDC market value
73 US$ billion
USDC is pegged to the U.S. dollar and is the second-largest stablecoin, worth US$73 billion against US$184 billion for Tether's USDt.
