Update
European Banking Authority Supervises EU-issued USDC Reserves
Circle, the issuer of EU-issued USDC, has handed over the supervision of its reserves to the European Banking Authority (EBA) as of November 12. Under the new arrangement, the EBA oversees the financial safeguards and redemption planning, while France's financial regulator continues to oversee governance responsibilities. This change could lead to higher compliance costs and potential capital or liquidity requirements for Circle, according to the company's quarterly filing.