Circle’s USDC, the world’s second-largest stablecoin by market capitalization, has been classified as a “significant e-money token” under the European Union’s Markets in Crypto Assets (MiCA) framework. The decision places the dollar-pegged cryptocurrency under joint oversight by European and French regulators.
EBA brings USDC under enhanced supervision
The European Banking Authority (EBA) announced the classification in a notice on Wednesday, according to Cointelegraph. USDC is one of 46 projects covered by the significant e-money token designation, with the regulator having classified 45 other projects in the same category.
The new status means supervision will be shared by the EBA and France’s Autorité de Contrôle Prudentiel et de Résolution, the country’s banking and insurance supervisory authority. Circle, the company behind USDC, will therefore operate its major stablecoin in Europe under oversight involving both the EU-level banking regulator and the French authority.
USDC is designed to maintain a value close to the US dollar. The source places its market capitalization at about $73 billion, making it the second-largest stablecoin. Tether’s USDt is identified as the largest, with a market capitalization of approximately $184 billion.
Dollar stablecoins remain part of Europe’s debate
The classification comes as token issuers operating in the European Union seek to develop regulated dollar-pegged stablecoins. A stablecoin is a crypto asset intended to keep its price stable against another asset, such as a national currency. In this case, USDC is linked to the US dollar rather than the euro.
James Bennett, CEO of Stable Mint, told Cointelegraph that European regulators could not simply eliminate the presence of dollar stablecoins. Instead, he said, authorities could determine the safeguards and rules that apply to issuers.
Alexander Höptner, CEO of AllUnity, said that a euro stablecoin alone would not meet the needs of European companies making cross-border payments around the world. His comments underscore the role dollar-denominated digital assets may continue to play in international business, even as the EU applies its own regulatory framework.
Digital euro plans continue alongside private tokens
The regulatory focus on dollar stablecoins is unfolding as the European Central Bank examines a possible digital euro. The EU authority first proposed the central bank digital currency in 2020. The source says the digital euro could be issued in 2029, subject to the completion of legislation and a pilot programme.
The development places private stablecoins and a potential public digital currency in the same broader European payments discussion. MiCA provides the regulatory framework for crypto assets in the region, while the digital euro project concerns a possible central bank-issued form of digital money.
Moneyiar market picture
Moneyiar data at 21:18-21:19 on October 15, 2026, showed USDC at $0.9998188491, with a 24-hour change of 0% and a seven-day change of 0.01%.
Other supplied market readings were:
- STABLE: $0.026807731, up 0.23% over 24 hours and 3.14% over seven days.
- MON: $0.0230961349, down 3.95% over 24 hours and 5.8% over seven days.
- CAP: $0.0792161297, up 3.5% over 24 hours and 7.07% over seven days.
