European Banking Authority

Rule Changes

Classified USDC as significant; assumes direct supervision November 12, 2026

The European Banking Authority named Circle's USDC the first 'significant' e-money token in the European Union on October 14. It's the first of 45 stablecoins notified under MiCA, the EU's crypto-asset rulebook, to clear that designation bar.

Updated Oct 18

Rule Changes

As of September 2026: Drafted the liquidity standards the ESCB now cites as the deposit floor's replacement

Tether, the company behind the world's largest stablecoin, has walked away from Europe's crypto licensing regime. CEO Paolo Ardoino said the company won't seek a Markets in Crypto-Assets (MiCA) license because the rules force large stablecoin issuers to park at least 60% of reserves in commercial bank deposits — money that banks lend out and may not have on hand during a redemption rush.

Updated Sep 26