EBA Classifies USDC as EU’s First ‘Significant’ E-Money Token
USDC has become the EU’s first e-money token designated as significant, with financial supervision moving to the EBA on Nov. 12, The Defiant reports.
The European Banking Authority (EBA) has designated USDC as the European Union’s first “significant” e-money token, according to The Defiant.
Financial supervision will transfer to the EBA on Nov. 12. The move places that part of USDC’s oversight at the EU level.
France’s ACPR will retain responsibility for governance and other corporate matters, leaving supervisory duties divided between the two authorities.
Source: The Defiant
