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EBA to take over USDC oversight November 12
Original: EBA Takes Over USDC Nov 12: Circle and EU Central Banks Both Fight 60% Deposit Rule
The European Banking Authority is set to assume supervision of the USDC stablecoin on November 12, according to a Tech Times report. Circle, the coin's issuer, and EU central banks are both pushing back against a proposed rule requiring up to 60% of reserves to be held as deposits. The dispute centres on how stablecoin reserves should be safeguarded under new European crypto rules.
Why now: Regulatory takeover of a major stablecoin and a contested deposit rule directly affect crypto markets and Circle's European operations.
European Banking AuthorityCircleUSDCEuropean Union central banks
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