According to The Block, the European Central Bank’s supervisory authority, the European Banking Authority (EBA), has classified Circle’s USDC stablecoin as the Union’s first “significant” e‑money token. The designation takes effect on 12 November.
Under this classification, Circle will be subject to new supervisory responsibilities that apply to significant e‑money tokens within the EU regulatory framework. The EBA indicated that compliance must begin at the stated date.
