The European Banking Authority (EBA) has designated Circle Internet Financial Europe SAS’s USDC as the European Union’s first significant electronic money token (EMT) under the Markets in Crypto-Assets Regulation (MiCA). The classification means the EBA and France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) will jointly oversee the stablecoin. From Nov. 12, 2026, the EBA will take responsibility for USDC’s own-funds, reserve-asset, liquidity, and recovery and redemption-plan requirements, while the ACPR retains oversight of corporate governance, qualifying holdings, outsourcing, and conflicts of interest. The EBA said 45 EMTs have completed MiCA notifications in the EU. USDC is the second-largest stablecoin by market capitalization, at $73 billion, compared with Tether USDt’s $184 billion. The designation comes as EU-based issuers push for regulated dollar-pegged stablecoins. Meanwhile, the European Central Bank is exploring a digital euro, first proposed in 2020, with a potential 2029 issuance following legislation and a pilot program.