The European Banking Authority has officially designated the USDC stablecoin as a significant e-money token. This decision falls under the regulatory framework established by the Markets in Crypto Assets regulation, known as MiCA.
Following this classification, USDC will be subject to joint supervision by the European Banking Authority and the French Autorité de Contrôle Prudentiel et de Résolution. This status has been granted to only 45 other projects to date.
USDC currently holds the position of the second-largest stablecoin by market capitalization, valued at $73 billion. It follows Tether, which maintains a market capitalization of $184 billion.
Industry participants note that European corporations require access to dollar-pegged stablecoins to facilitate global cross-border payments. Meanwhile, the European Central Bank continues its work on a digital euro, with a potential issuance date targeted for 2029.
