Token significance triggers supervisory handovers under MiCAR
The European Banking Authority (EBA) sets annual token significance assessments and supervisory handover procedures in Decision EBA/DC/558 of September 17, 2024. The supplied publication title, dated October 14, 2026, identifies USDC as the first significant EU e-money token.
Annual reviews and faster interventions
The decision covers asset-referenced tokens and e-money tokens under the Markets in Crypto-Assets Regulation (MiCAR), Regulation (EU) 2023/1114. Regular classification and declassification assessments take place annually; additional reviews can respond to rapid growth in holders or reserves.
Authorities submit data on March 11 and September 11, covering January–June and July–December.
Voluntary applications must explain why a token will meet at least three significance criteria.
The European Central Bank (ECB), relevant national central banks, issuers and home authorities receive draft decisions for comment.
Chairperson José Manuel Campa signed for the Board of Supervisors.
The decision took effect the day after adoption.
Seven days for the handover
The EBA prepares the handover information list within 20 working days of notifying its draft decision.
The outgoing supervisor supplies the file within seven working days of a formal request, with another seven working days to supply missing information.
Issuers must submit supervisory-college information within 10 calendar days of notification of the final decision.
Appeals must be filed within three months.
The framework seeks predictable assessments, fewer legal challenges and continuity of supervision during transfers.
Procedure is not classification
The publication title identifies USDC as the first significant EU e-money token.
The supplied body instead contains a general procedural decision from 2024, not a USDC-specific assessment.
It therefore does not establish which criteria USDC met or when its supervisory transfer takes effect.