small correction to how the USDC news is being told: the EBA isn't "taking over" circle in europe. from nov 12, supervision splits in two. the EBA gets the bank-like part: own funds, the reserve of assets, liquidity, recovery and redemption plans. france's ACPR keeps governance, qualifying holdings, fit & proper, outsourcing and conflicts of interest. the classification gets reassessed every year (MiCA arts. 43, 56, 117). honestly, the split says more than the headline. the money side, whether the reserves are there and whether you can actually redeem, is exactly what an EU-level regulator now wants eyes on. the corporate side stays national. and it isn't a punishment. "significant" kicks in automatically by size. it's simply what happens once a stablecoin is big enough that a run on it would actually matter to someone other than crypto twitter.