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

According to The Defiant, the stablecoin USDC has been recognized by the European Banking Authority as the first “important” digital currency token in the EU. In terms of financial regulatory responsibilities, USDC will be under the jurisdiction of the European Banking Authority starting from November 12th. Meanwhile, the French Prudential Supervision and Resolution Authority will continue to be responsible for USDC’s governance and other corporate matters.