The European Banking Authority has recognized USDC as the first significant electronic currency token in the European Union

According to The Defiant, the European Banking Authority has recognized the US dollar stablecoin USDC as the EU's first "significant" electronic money token. Under the arrangement, the financial regulatory responsibilities for USDC will be transferred to the European Banking Authority on November 12.

Meanwhile, the French Prudential Supervision and Resolution Authority will continue to be responsible for the governance and other corporate affairs of USDC.