USDC Becomes the First Stablecoin to Get “Significant” Token Status Under MiCA in the EU

The EU now has 45 e-money tokens (EMTs) registered under MiCA, and USDC is the first stablecoin to be designated as a “significant token.” For PSPs and merchants using stablecoins, that matters because the label comes with tighter capital, reserve, liquidity, and supervision rules for Circle’s European issuer.

1. The “significant token” designation means Circle Internet Financial Europe SAS, USDC’s European issuer, must meet stricter requirements under MiCA. Capital must equal 3% of the average value of reserve assets, and those reserves must be segregated from customer funds. The company also has to carry out an independent audit of its reserves every six months.
2. The status does not mean USDC is treated as an insured bank deposit. That distinction matters for any payments business that is deciding whether to use stablecoins as a settlement rail, treasury tool, or customer-facing product.
3. From 12 November, oversight of USDC will be split between two regulators: the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the EBA. The European Banking Authority will supervise the financial safeguards — own funds, reserve assets, liquidity requirements, and the token recovery and redemption plans. ACPR will retain oversight of corporate governance, qualified investor participation, and the issuer’s compliance with the applicable requirements, including outsourcing and conflicts of interest.
4. For cross-border transactions involving USDC and other American tokens, the EBA signed a memorandum of understanding with the New York State Department of Financial Services (NYDFS). The point is straightforward: the regulators can now exchange information on transactions.
5. In May, Circle received a conditional license from the Autorité des Marchés Financiers (AMF) to operate in the European Union as a digital assets service provider. To run the business fully, the company still needs a license to operate as an electronic money institution.

In other words, USDC has moved from “just another stablecoin” to a token with a formal supervisory perimeter in the EU. For high-risk operators, that is the kind of change that affects counterparties, compliance reviews, and whether a provider can keep offering the rail without running into regulatory friction.