The second-largest stablecoin by market cap will be overseen by French and EU authorities under its classification as a “significant e-money token.“
The European Banking Authority (EBA) has classified Circle’s USDC stablecoin as a significant e-money token under the region’s Markets in Crypto Assets (MiCA) framework.&
In a Wednesday notice, the banking regulator said the e-money token classification, granted to only 45 other projects, effectively means the USDC stablecoin will be jointly overseen by the EBA and France’s supervisory authority, the Autorité de Contrôle Prudentiel et de Résolution. The stablecoin is the second largest by market capitalization, at $73 billion compared to Tether USDt’s $184 billion.
The “significant“ classification came as many EU-based token issuers pushed for regulated US dollar-pegged stablecoins in the region. Stable Mint CEO James Bennett told Cointelegraph that while Europe couldn’t “wish away“ dollar stablecoins, regulators could control safeguards and rules for issuers.
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