USDC Supervision Moves To The EBA From France On Nov 12

There will be some amendments to USDC supervision from 12th November. It means that, from this time, the role of prudential supervisor of the US dollar coin will be transferred from ACPR of France to the European Banking Authority. The classification was announced on 14th October 2026 by the EBA.

This has been done in line with the Markets in Crypto Assets Regulation, which is also referred to as MiCA. USDC supervision concerns a token issued in the European Union by Circle Internet Financial Europe SAS. According to EBA, there are 45 e-money tokens that have been notified under MiCA regulations, and USDC is the first significant one.

A section of the EBA press release of 14 October 2026, which describes the handover of USDC supervision on November 12. Source: European Banking Authority, The EBA classifies USDC as the first significant e-money token in the European Union.

Four USDC supervision duties move from the ACPR to the EBA

Four areas will move from the ACPR to the EBA, as mentioned in the press release, and they include own funds, the reserve of assets, liquidity requirements, and recovery and redemption plans. These are the areas that will determine if the investors will be able to retrieve their money or not.

It is considered to be “dual supervision” as provided for under MiCA for significant e-money tokens according to EBA. The issuers of the tokens under MiCA will be supervised by EBA and the competent national authority. For USDC supervision, the competent national authority is ACPR.

What the ACPR keeps in USDC supervision

France's regulator is not going to relinquish the file. In the statement, the ACPR is still accountable for governance, qualifying holdings, fit and proper tests, outsourcing and conflict of interest. The document further explains that both entities will cooperate closely in ensuring a smooth transition and effective supervisory cooperation.

This categorization is vital for individuals who wish to look into the documentation of the token. In case of any question on the issue of the ownership of the issuer, the ACPR will be contacted.

A New York deal on USDC supervision

However, the USDC token also has one more issuer not based in Europe. Thus, USDC is issued by the Circle Internet Financial, LLC in the USA. In order to facilitate the supervision of the activities of the stablecoin which crosses the borders, the EBA signed the Memorandum of Understanding with the New York State Department of Financial Services. As it is mentioned in the press release, this agreement will contribute to the cooperation of the two institutions.

How a token becomes significant

EBA is the entity responsible for designating any tokens as significant in relation to MiCA Articles 43 and 56. It conducts an annual assessment on whether these tokens will be regarded as significant or not. This is captured in the factors provided by the Commission Delegated Regulation (EU) 2024/1506 and also the decision made by EBA Decision EBA/DC/558.

According to the EBA, it makes use of its powers together with other competent authorities through the MiCA Articles 117(5) and 128. There is also reference to the supervisory colleges created under the MiCA Article 119. The publication of the document took place on 14th October 2026, implying that the date of transfer was public for about one month.

Token size is made public using a tracking tool. According to the DefiLlama stablecoins page, the total amount for USDC stood at $70.137 billion on November 11, 2026, the second-highest value after USDT ($175.75 billion). However, there are no market statistics provided in the EBA publication. Hence, that information comes solely from DefiLlama.

Regarding the European Union, the entity that issues the token is one and the same company. The only distinction in USDC supervision on November 12 would be the authority checking its funds, reserves and liquidity.

The following report is a summary of a regulatory notice and does not rate any token as an investment.

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