Guys, I just participated in the awesome airdrop! The concept of crypto-backed loans is fantastic. The platform is already launched and Roger Ver is on board! #cryptocurrencies# #blockchain# #moneytoken#

MiCA requires e-money token issuers to keep at least 30% of reserves in bank deposits, or 60% for significant tokens. Circle wants that replaced with broader liquidity standards. Tether's CEO has made the same criticism. No rules have changed.

THE BLOCK: EU banking regulator has classified Circle's USDC as the bloc's first significant e-money token under MiCA. From Nov. 12, the EBA will assume direct oversight of USDC's reserves, liquidity requirements, own funds, and recovery plans.

USDC Triggers a New Milestone Under MiCA Circle’s (@circle) ethereum:0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48 has become the first e-money token classified as significant under the EU’s MiCA rules. The European Banking Authority made the classification after assessing regulatory criteria. From November 12, 2026, the EBA will take over direct supervision of USDC’s reserves, liquidity, and redemption plans. The EU currently has 45 notified e-money tokens, making USDC the first to receive this designation.

USDC supply has stayed between roughly $70B and $80B for 12 months, far above MiCA’s €5B threshold. On Oct 14, the EBA named USDC the first significant e-money token among 45 notified EMTs. Direct EBA oversight of reserves and liquidity starts Nov 12.

THE BLOCK: Circle's EURC circulation has exceeded €400 million, up more than 100% over the past year. The euro stablecoin is available across major blockchains and operates as an e-money token under MiCA.

Robinhood Chain, Polygon, Morpho, Gearbox, Midas and Monerium. $frxUSD is showing up across a growing number of onchain markets lately. On Robinhood Chain, frxUSD became the first stablecoin pool on @fablesfi. Since then, Fables has added aUSD/frxUSD with Arrow, eUSD/frxUSD with Own and a new frxUSD/USDG market. The Own integration is a good example of where this is heading. eUSD is an overcollateralized dollar backed by tokenized S&P 500 exposure, giving frxUSD a direct liquidity pairing with another RWA-native dollar. On @0xPolygon, frxUSD is moving into FX and credit markets. @Featherlend launched BRZ and frxUSD Morpho vaults. sfrxUSD and tokenized Brazilian Treasury exposure can be used to borrow BRZ, while tGBP, BRZ, sPOL and sfrxUSD can be used to borrow frxUSD. Monerium, Frax and Capa also launched a EURe/frxUSD pool on Uniswap v3. EURe is a MiCA-compliant euro e-money token backed 1:1 by safeguarded euro reserves. The new pool gives EURe a direct onchain route into dollar liquidity through frxUSD, creating a simple EUR/USD market on Polygon. The RWA side is expanding as well. @GearboxProtocol launched one-click leverage for Midas’ mF-ONE and mGLOBAL strategies, managed by Fasanara Capital, with frxUSD as the borrowing asset. Users can access leveraged exposure to tokenized institutional credit through a single credit account. RE7 Labs also launched a Morpho V2 vault that accepts frxUSD deposits and deploys them into curated USDai markets, with sUSDai as the current lending market. RIFT added frxUSD to its onchain execution infrastructure across Ethereum, Base and Ink. Frax already has a strong FX presence on Polygon through Curve and DFB, with frxUSD paired against BRZ, tGBP, IDRX, AUDF and KRWQ. I like seeing frxUSD move into all these different markets. FX, tokenized equities, Brazilian Treasury exposure and institutional credit are all finding different ways to use frxUSD Lets see what comes next 👀