EBA Takes Over Part Of USDC's EU Supervision From France's ACPR

The European Banking Authority (EBA) takes over part of the EU supervision of USDC issuer Circle Internet Financial Europe SAS on 12th November 2026, under the timetable in its 14th October press release. France's Autorité de Contrôle Prudentiel et de Résolution (ACPR) continues to supervise other areas.

The handover follows the EBA's classification of USDC as a significant electronic money token under the Markets in Crypto-Assets Regulation (MiCA). The regulation defines an electronic money token as a cryptoasset that aims to maintain a stable value by reference to one official currency.

The EBA's responsibilities cover the issuer's own funds, or capital buffer, and the assets backing the token. It also supervises liquidity requirements, which concern the issuer's ability to meet requests to redeem tokens, and recovery and redemption plans.

The ACPR retains oversight of governance, outsourcing and conflicts of interest, among other responsibilities. The EBA said the two authorities would work together on the transition.

For an electronic money institution issuing an e-money token classified as significant, Article 117(4) of MiCA assigns supervision of two sets of rules to the EBA. These are Article 55 on recovery and redemption plans and Article 58 on additional obligations for issuers of significant tokens.

The classification also carries an audit requirement. Article 58 requires an independent audit every six months, starting from the date of the classification decision. That requirement runs from the decision, rather than from the later supervisory handover.

For holders, the legal claim remains against the issuer. Article 49 gives electronic money token holders that claim and requires the issuer to redeem tokens on request, at any time and at par value, meaning their stated monetary value. These rights apply to electronic money tokens generally and do not depend on a significant classification.