EBA assumes dual supervision of Circle's EU-issued USDC under MiCA starting Nov 12

The European Banking Authority (EBA) designated USDC issued by Circle Internet Financial Europe SAS as the EU's first significant e-money token under the Markets in Crypto-Assets Regulation (MiCA). Starting Nov 12, supervision of capital, reserves, liquidity, and recovery/redemption plans transfers from France's ACPR to the EBA, while ACPR retains governance duties. Circle previously sought flexible reserve requirements, arguing rigid bank-deposit rules expose issuers to banking-sector risk.