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Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →MiCA regulates stablecoins differently depending on whether they are electronic money tokens (EMTs) or asset-referenced tokens (ARTs). It sets requirements for issuers, affects which tokens EU-facing crypto-asset service providers may offer, and gives EMT holders a right to redeem at par in the referenced currency. It does not make every stablecoin interchangeable, guarantee instant settlement, or automatically convert users’ balances.
What does MiCA mean by a stablecoin?
The EU’s Markets in Crypto-Assets Regulation (MiCA), Regulation (EU) 2023/1114, distinguishes two categories that are often grouped together as stablecoins:
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- EMT: an e-money token that aims to maintain a stable value by referencing one official currency.
- ART: an asset-referenced token that aims to maintain a stable value by referencing another value or right, or a combination of them.
The category matters because it determines the applicable issuer requirements and the holder’s redemption basis. MiCA’s provisions for ARTs and EMTs began applying on 30 June 2024; the regulation generally applied from 30 December 2024. (European Parliament and Council, Regulation (EU) 2023/1114.)
What must stablecoin issuers do?
ART issuers
ART issuance is generally subject to authorization and requirements covering the issuer’s governance, white paper, reserve of assets, and redemption arrangements. Significant ARTs face additional supervisory treatment. The specific obligations depend on the token’s classification and whether it has significant-token status.
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EMT issuers
Under MiCA, an EMT issuer must be a credit institution or an electronic money institution, subject to the regulation’s provisions and specified exemptions. MiCA also sets white-paper and notification requirements. The framework connects EMT issuance with the rules for electronic money.
These requirements apply to issuers, but a token’s presence on a platform does not by itself establish that its issuer is authorized. For a particular token, check the issuer’s status and the token’s documentation.
How do redemption rights differ between EMTs and ARTs?
| Category | Redemption basis | What the distinction means |
|---|---|---|
| EMT | At par in the official currency the token references. MiCA Article 49(2) gives holders a right to redeem “at any time and at par value, in funds, of the monetary value of the e-money token held.” | The right is to the referenced currency’s face value, not a promise that every platform will process a cash-out instantly. |
| ART | Based on the market value of the assets referenced by the token, as described by the Joint European Supervisory Authorities (ESAs). | Redemption is not necessarily a fixed one-for-one amount in a single official currency. |
The applicable process, timing, and claimant eligibility should be checked in the token’s white paper and the relevant legal provisions. The Joint ESAs’ consumer factsheet also says that only credit institutions or MiCA-authorized issuers may offer ARTs to the public or seek their admission to trading in the EU.
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Does MiCA allow interest on EMT holdings?
No. MiCA prohibits EMT issuers and crypto-asset service providers from granting interest to EMT holders, including rewards framed without regard to how long the tokens are held. This is an EMT-specific restriction; it is not a blanket ban on every return associated with every crypto product.
How does MiCA affect exchanges and other providers?
The rules can reach beyond the entity that created a token. According to the European Commission’s interpretation, a crypto-asset service provider’s (CASP’s) exchange, order reception and transmission, or execution service may amount to an offer of an ART or EMT if the provider promotes or advertises the token as part of that service. What the provider does matters, not just who minted the token.
In a statement dated 17 January 2025, the European Securities and Markets Authority (ESMA) said trading-platform operators were expected to stop making non-MiCA-compliant ARTs and EMTs available for trading. Other services could also constitute an unlawful offer. ESMA allowed affected CASPs a limited “sell only” wind-down so EU investors could liquidate or convert positions, but that period ended on 31 March 2025. It is not a current grace period.
CASP authorization had a separate transition. Qualifying providers already operating under national law before 30 December 2024 could continue until authorization was granted or refused, but no later than 1 July 2026. Member States could shorten or remove that transition. Since that latest possible deadline has passed, check the provider’s current authorization and relevant national authority or register rather than relying on its former transitional status.
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A token may become unavailable to buy, exchange, or use through other services on an EU-facing platform if its issuer lacks the relevant authorization or the provider’s service would amount to an impermissible offer. MiCA did not automatically convert user balances. A platform may have set its own restrictions or wind-down arrangements, and treatment can differ by provider, legal entity, and country.
Before relying on a stablecoin or platform, check:
- Token category: Is it an EMT or an ART?
- Issuer: Who issued it, and what is the issuer’s authorization status?
- Redemption: What right applies, and what do the white paper and applicable rules say about how to exercise it?
- Provider: Is the particular service provider authorized, and does it support the token in your country?
- Platform notices: Has the provider announced a restriction, delisting, or wind-down for your account or location?
EU law and a platform’s geographic policies should not be conflated: a notice covering the European Economic Area (EEA) is not, by itself, proof that the same legal rule applies throughout the EEA. Check the service’s stated geographic scope and the applicable national arrangements.
What do the latest authorization figures show?
In a MiCA review-priorities announcement, the European Banking Authority reported that, as of 1 September 2026, 39 EMTs had been issued under MiCA and no ARTs had been authorized under MiCA. This is a dated snapshot from the EBA, not a permanent or current exact total; the counts can change.
The figure describes tokens issued or authorized under MiCA at that reference date. It does not establish that all other stablecoins were unavailable everywhere, nor does it verify any particular token’s or platform’s present status.
Could MiCA’s stablecoin rules change?
The EBA’s September 2026 review material identified multi-issuer stablecoin schemes, requirements for ART and EMT issuers, and MiCA’s interaction with other financial-services regimes as review matters. These are review priorities, not adopted amendments. The applicable rules remain those in force unless and until legislation changes them.
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