TREE NEWS update: Circle’s EU issuer will report reserves and liquidity to the European Banking Authority instead of France’s ACPR from Nov. 12, after USDC became the first e-money token to cross MiCA’s significance threshold. The shift places the stablecoin’s European reserves and capital under direct EBA supervision.
USDC EU Reserves Move to EBA Oversight Under MiCA
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AI take
Crossing MiCA's significance threshold changes the supervisory relationship, not just the reporting line: the EBA gains a direct view of USDC's European reserves and capital, while the French regulator steps back. That matters for issuers competing in the EU, because the threshold is now a demonstrated regulatory trigger rather than a theoretical one, and the obligations attached to it apply regardless of where the parent sits. Whether other large euro-area e-money tokens follow into EBA oversight is the open question.
Generated by AI for reference only.
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