USDC from Circle has become the first “significant” stablecoin in the EU under MiCA.

In total, this e-money token classification has been granted to only 45 other projects. However, unlike them, starting November 12, 2026, USDC will be subject to dual supervision. Oversight will be split between the European Banking Authority (EBA) and the French regulator. Joint supervision will cover reserves, liquidity requirements, as well as recovery and redemption plans.

USDC is the second-largest stablecoin, with a market capitalization of $72.6 billion, accounting for 23% of the market. Meanwhile, USDT, with a market capitalization of $183.7 billion, does not comply with MiCA requirements.