MiCA’s stablecoin rules
MiCA’s stablecoin rules applied from 30 June 2024, before the exchange rules. The stablecoin rules led authorised venues to reassess which tokens they could offer. Many venues restricted or delisted USDT trading, while some continued to list tokens with an identifiable EU issuer.
EU status of USDT, USDC and other major stablecoins
The table covers major US-dollar and euro stablecoins, compliant or not. The EU status comes from the ESMA EMT file synced 15 September 2026. A token has an authorised EU issuer when an EU e-money or credit institution has notified its white paper. The last column shows how large EU venues have treated the token.
| What it means for EU trading | |||
|---|---|---|---|
| USDTUSD | Tether International, S.A. de C.V. (El Salvador) | No EU issuerNo entry in the ESMA EMT or ART file | Coinbase and Kraken restrict USDT for EEA clients. Coinbase will convert remaining EEA balances on 30 October 2026, into USDC where suitable. |
| USDCUSD | Circle Internet Financial Europe SAS | Authorised EU issuer ACPR, white paper 1 Jul 2024 | Authorised EU issuer. Authorised EU venues can offer it. |
| EURCEUR | Circle Internet Financial Europe SAS | Authorised EU issuer ACPR, white paper 1 Jul 2024 | Authorised EU issuer. Authorised EU venues can offer it. |
| DAIUSD | Sky protocol (formerly MakerDAO), no identified legal issuer | No EU issuerNo entry in the ESMA EMT or ART file | Coinbase and Kraken restrict DAI for EEA clients. |
| USDSUSD | Sky protocol, no identified legal issuer | No EU issuerNo entry in the ESMA EMT or ART file | Coinbase lists USDS among the stablecoins it restricts for EEA customers. |
| USDeUSD | Ethena (BVI) Limited | No EU issuerNo entry in the ESMA EMT or ART file | BaFin prohibited new business with USDe at Ethena GmbH on 21 March 2025. Ethena GmbH withdrew its MiCA application on 3 April 2025, and BaFin ordered a wind-up on 14 April 2025. |
| PYUSDUSD | Paxos Trust Company, N.A. (United States) | No EU issuerNo entry in the ESMA EMT or ART file | Coinbase and Kraken restrict PYUSD for EEA clients. |
| RLUSDUSD | Standard Custody and Trust Company, LLC (New York) | No EU issuerNo entry in the ESMA EMT or ART file | Kraken lists RLUSD as delisted in the EEA. |
| TUSDUSD | Techteryx | No EU issuerNo entry in the ESMA EMT or ART file | Kraken lists TUSD as delisted in the EEA. |
| USDGUSD | Paxos Issuance Europe Oy | Authorised EU issuer FIN-FSA, white paper 9 Jun 2025 | Authorised EU issuer. Authorised EU venues can offer it. |
| EURCVEUR | Société Générale-FORGE | Authorised EU issuer ACPR, white paper 1 Jul 2024 | Authorised EU issuer. Authorised EU venues can offer it. |
| EURIEUR | Banking Circle S.A. | Authorised EU issuer CSSF, white paper 28 Aug 2024 | Issued by a credit institution. Authorised EU venues can offer it. |
| EURAUEUR | AllUnity GmbH | Authorised EU issuer BaFin, white paper 20 Jun 2025 | Authorised EU issuer. Authorised EU venues can offer it. |
On 8 October 2026 ESMA published an opinion that authorised CASPs should not provide crypto-asset services for e-money tokens or asset-referenced tokens that do not comply with MiCA. It asked national authorities to require remediation within three months. Any remaining service should be limited to sell-only, conversion, transfer or withdrawal. The table gives no market-capitalisation figures and does not rank the tokens.
Which issuers have notified EMT white papers?
The current ESMA snapshot contains EMT white-paper notifications and 0 ART records. The snapshot was synced 15 September 2026. The table lists the main tokens for which the dated snapshot identifies both an authorised EU issuer and a notified white paper:
| USDC | USD | Circle Internet Financial Europe SAS | France (ACPR) |
|---|---|---|---|
| EURC | EUR | Circle Internet Financial Europe SAS | France (ACPR) |
| EURCV / USDCV | EURUSD | Société Générale-FORGE | France (ACPR) |
| EURXT | EUR | CACEIS Bank (Crédit Agricole) | France (ACPR) |
| EUROP | EUR | Salvus (Schuman Financial) | France (ACPR) |
| EURI | EUR | Banking Circle S.A. | Luxembourg (CSSF) |
| EUROe / eUSD / USDG | EURUSD | Paxos Issuance Europe Oy | Finland (FIN-FSA) |
| EURe | EUR | Monerium ehf | Iceland (Central Bank) |
| EURQ / USDQ | EURUSD | Quantoz Payments B.V. | Netherlands (DNB) |
| EURAU / CHFAU / SEKAU | EURCHFSEK | AllUnity (DWS, Galaxy, Flow Traders) | Germany (BaFin) |
| EURR / USDR | EURUSD | StablR Ltd | Malta (MFSA) |
The snapshot dated 15 September 2026 has no corresponding issuer or white-paper entry for USDT, DAI, USDe, FDUSD, PYUSD or TUSD. A token’s absence from the register does not determine whether every possible use is lawful. A register entry gives no protection against technical or market risk.
Every EMT white-paper record
The table reproduces all 50 rows in ESMA’s current EMT white-paper file. A single issuer can have several rows for different tokens or white papers. The table shows a Digital Token Identifier (DTI) when ESMA supplies one.
| Token / DTI | White paper | |||
|---|---|---|---|---|
| Stable LabsPayment Corporation SELEI 315700IJDQF91J9C8B68 | CZCzech National Bank (CNB) | - | View | |
| Stable LabsPayment Corporation SELEI 315700IJDQF91J9C8B68 | CZCzech National Bank (CNB) | - | View | |
| Stable LabsPayment Corporation SELEI 315700IJDQF91J9C8B68 | CZCzech National Bank (CNB) | - | View | |
| AllUnity GmbHLEI 3912007G8L8CD3HFIV26 | DEFederal Financial Supervisory Authority (BaFin) | EURAU8F9FV1RW04T8Q7PXDR+3 | View | |
| AllUnity GmbHLEI 3912007G8L8CD3HFIV26 | DEFederal Financial Supervisory Authority (BaFin) | CHFAUVP84J2JSSD1PFLVZDZ | View | |
| AllUnity GmbHLEI 3912007G8L8CD3HFIV26 | DEFederal Financial Supervisory Authority (BaFin) | SEKAUHTKFL04WZ6TR5F3KKF+3 | View | |
| AllUnity GmbHLEI 3912007G8L8CD3HFIV26 | DEFederal Financial Supervisory Authority (BaFin) | SEKAUJPJHD47F4X10CDHLZQ+4 | View | |
| AllUnity GmbHLEI 3912007G8L8CD3HFIV26 | DEFederal Financial Supervisory Authority (BaFin) | CHFAUVP84J2JSSD1PFLVZDZ+4 | View | |
| AllUnity GmbHLEI 3912007G8L8CD3HFIV26 | DEFederal Financial Supervisory Authority (BaFin) | USDAU25XRLGD08Q9MZ20BGM+4 | View | |
| EurodollarEurodollar ApSLEI 8945001XWFMRUTCAK575 | DKFinanstilsynet | - | Not linked | |
| Paxos EUPaxos Issuance Europe OyLEI 743700KYSSTKZYGEUF50 | FIFinanssivalvonta (FIN-FSA) | - | View | |
| Paxos EUPaxos Issuance Europe OyLEI 743700KYSSTKZYGEUF50 | FIFinanssivalvonta (FIN-FSA) | - | View | |
| PaxosPaxos Issuance Europe OyLEI 743700KYSSTKZYGEUF50 | FIFinanssivalvonta (FIN-FSA) | 2VT5W3GH7 | View | |
| Paxos EUPaxos Issuance Europe OyLEI 743700KYSSTKZYGEUF50 | FIFinanssivalvonta (FIN-FSA) | - | View | |
| CACEIS BANKCACEIS BANK SALEI 96950023SCR9X9F3L662 | FRAutorité de Contrôle Prudentiel et de Resolution (ACPR) | 2GPH3VZ45 | View | |
| Circle Internet Financial Europe SASLEI 969500OYUDADGZKCR583 | FRAutorité de Contrôle Prudentiel et de Resolution (ACPR) | FJM594L0VT1J8XQBSD+2 | View | |
| Circle Internet Financial Europe SASLEI 969500OYUDADGZKCR583 | FRAutorité de Contrôle Prudentiel et de Resolution (ACPR) | M8G59S1ZR6BGZTT6GF+34 | View | |
| OuiTrustHEURO SASLEI 984500DB91E5A48E7F26 | FRAutorité de Contrôle Prudentiel et de Resolution (ACPR) | 4ZTHF0N0HDP1R488SF | View | |
| Oddo BHFOddo BHF SCALEI 9695002I9DJHZ3449O66 | FRAutorité de Contrôle Prudentiel et de Resolution (ACPR) | H1LDKQR5B | View | |
| SALVUSLEI 969500SGAEBRXYUAJ739 | FRAutorité de Contrôle Prudentiel et de Resolution (ACPR) | KR4DF4ZJ2BNTTMH9HK | View | |
| Société Générale - ForgeLEI 969500FX8K40ZDW4F377 | FRAutorité de Contrôle Prudentiel et de Resolution (ACPR) | HF8RCHVWW3NG1PDSJM+2 | View | |
| Société Générale - ForgeLEI 969500FX8K40ZDW4F377 | FRAutorité de Contrôle Prudentiel et de Resolution (ACPR) | 9XDHG5RZQ8TF1FZX7H | View | |
| MoneriumMonerium ehfLEI 2549003QDNZWASSSCY31 | ISCentral Bank of Iceland | 81PTSP744JVM0S87GB+5 | View | |
| NewrailsNewrails, UABLEI 875500AX7AO0XVYSQD64 | LTBank of Lithuania | - | Not linked | |
| BLUE EMI LTUAB BLUE EMI LTLEI 254900XFMACGD0L7AI73 | LTBank of Lithuania (LSC) | - | View | |
| AIEU Services Limited S.A.LEI 254900VUR90QF0G3T387 | LUCommission de Surveillance du Secteur Financier (CSSF) | - | View | |
| AIEU Services Limited S.A.LEI 254900VUR90QF0G3T387 | LUCommission de Surveillance du Secteur Financier (CSSF) | - | View | |
| AIEU Services Limited S.A.LEI 254900VUR90QF0G3T387 | LUCommission de Surveillance du Secteur Financier (CSSF) | - | View | |
| Banking CircleBanking Circle S.A.LEI 213800W1NGBLERUS6M39 | LUCommission de Surveillance du Secteur Financier (CSSF) | - | View | |
| Bridge Building S.A.LEI 254900MVWQXMF77YZP65 | LUCommission de Surveillance du Secteur Financier (CSSF) | TD3BGWM5ZLP00X1Q54+6 | View | |
| GR8.moneySIA GR8 PAYLEI 6488GKH17O8XT1326F66 | LVLatvijas Banka | 5X779H3M3 | View | |
| GR8.moneySIA GR8 PAYLEI 6488GKH17O8XT1326F66 | LVLatvijas Banka | PJM1C1PM6 | View | |
| Stable mintStable mint LtdLEI 984500A64C0EA64BC554 | MTMalta Financial Services Authority | - | View | |
| Stable mintStable mint LtdLEI 984500A64C0EA64BC554 | MTMalta Financial Services Authority | - | View | |
| StablR LtdLEI 984500AA0OCA9CE0D796 | MTMalta Financial Services Authority | - | View | |
| StablR LtdLEI 984500AA0OCA9CE0D796 | MTMalta Financial Services Authority | - | View | |
| AplauzAplauz NL B.V.LEI 72450039GAIN4MNI4V12 | NLDe Nederlansche Bank (DNB) | WEUR | View | |
| Fiat RepublicFiat Republic NetherlandsLEI 724500GVWT7QULV8CR59 | NLDe Nederlandsche Bank (DNB) | ENEUR | View | |
| Fiat RepublicFiat Republic NetherlandsLEI 724500GVWT7QULV8CR59 | NLDe Nederlandsche Bank (DNB) | ENGBP | View | |
| Fiat RepublicFiat Republic NetherlandsLEI 724500GVWT7QULV8CR59 | NLDe Nederlandsche Bank (DNB) | ENUSD | View | |
| Quantoz PaymentsQuantoz Payments B.VLEI 7245008P1HPUPVM7XL94 | NLDe Nederlandsche Bank (DNB) | EURQ | View | |
| Quantoz PaymentsQuantoz Payments B.VLEI 7245008P1HPUPVM7XL94 | NLDe Nederlandsche Bank (DNB) | USDQ | View | |
| Quantoz PaymentsQuantoz Payments B.VLEI 7245008P1HPUPVM7XL94 | NLDe Nederlandsche Bank (DNB) | EURD | View | |
| Quantoz PaymentsQuantoz Payments B.VLEI 7245008P1HPUPVM7XL94 | NLDe Nederlansche Bank (DNB) | PLNQ | View | |
| Quantoz PaymentsQuantoz Payments B.VLEI 7245008P1HPUPVM7XL94 | NLDe Nederlansche Bank (DNB) | GBPQ | View | |
| Quantoz PaymentsQuantoz Payments B.VLEI 7245008P1HPUPVM7XL94 | NLDe Nederlansche Bank (DNB) | RONQ | View | |
| StaBillonStaBillon sp. z o.o.LEI 2594008EL5UN8RIA8P23 | PLPolish Financial Supervision Authority (KNF) | - | Not linked | |
| BISON BANK, S.A.LEI 549300V4H4USWZUCE073 | PTBanco de Portugal (BdP) | - | View | |
| BISON BANK, S.A.LEI 549300V4H4USWZUCE073 | PTBanco de Portugal (BdP) | - | View | |
| DinaroDINARO company for electronic money issuing and payment services Ltd.LEI 48510062OP64BYKPNO22 | SIBank of Slovenia | M5ZR1C4B3 | View |
The two categories: EMT and ART
EMT
An e-money token (EMT) references one official currency, such as the euro or US dollar. A licensed e-money institution or credit institution must issue the token. USDC and EURC are EMTs.
ART
An asset-referenced token (ART) references another value or right, or a combination, which can include currencies, commodities or crypto-assets. The issuer needs a dedicated authorisation, and the competent authority approves its white paper. The EBA supervises significant ARTs.
The rules govern token issuers. MiCA does not rank token quality or guarantee that a token will hold its peg. The table summarises Titles III and IV of the official MiCA regulation.
| Obligation | ART | EMT |
|---|---|---|
| Issuer route | An EU-established issuer generally needs a Title III authorisation. Credit institutions use the Article 17 route. | The issuer must be a credit institution or electronic money institution under Article 48. |
| Reserve and custody | Articles 36–38 require a maintained reserve, legal and operational segregation, custody controls and low-risk, liquid investments. | Funds are safeguarded under the e-money framework. Article 54 requires at least 30% in separate credit-institution accounts. The balance must be in secure, low-risk and highly liquid assets in the referenced currency. |
| Redemption | Article 39 gives holders a permanent redemption right based on the market value of the referenced assets, or delivery of those assets where applicable. | Article 49 requires redemption at any time, at par value and without a redemption fee. |
| Interest | Article 40 prohibits issuers and CASPs from granting interest on ARTs. | Article 50 prohibits issuers and CASPs from granting interest on EMTs. |
| Significant tokens | The EBA directly supervises issuers of significant ARTs. Issuers of significant ARTs also have additional liquidity, custody and own-funds duties. | For a significant EMT issued by an e-money institution, EBA supervises the MiCA additional duties alongside the relevant home and prudential authorities. |
| Means-of-exchange limit | If daily use within one currency area exceeds both one million transactions and €200 million on a quarterly average, Article 23 requires issuance to stop and a plan to bring use below both thresholds. | Article 58(3) applies the same reporting and limit machinery to an EMT denominated in a currency that is not official in an EU member state, such as USD. |
Is USDT banned in the EU?
There is no user-level ban on holding USDT. MiCA limits what authorised firms may offer. Regulated EEA venues therefore restricted or delisted USDT trading pairs. Rules for holding and self-custody differ from rules for transfers and exchange trading.
Check the rule that applies to you
First check the USDT rule for your activity. Then verify the legal entity serving your exchange account.
Bank euros and the MiCA review
Crédit Agricole’s CACEIS launched its euro token EURXT on 1 July 2026. Qivalis is a joint venture backed by a European banking consortium. De Nederlandsche Bank authorised it as an e-money institution in October 2026, and the venture targets a euro stablecoin launch later in 2026. The European Commission ran a targeted MiCA review consultation from 20 May to 30 September 2026. The feedback will inform the reports required by Articles 140 and 142 and could, if the Commission considers it warranted, lead to a legislative proposal.
The page was reviewed 14 October 2026, and the register snapshot was synced 15 September 2026. The rules come from Titles III and IV of MiCA. The token data comes from ESMA’s official EMT white-paper register (50 EMT rows and 0 ART rows in the snapshot synced 15 September 2026). Other sources are the ESMA statement on stablecoins (17 Jan 2025), CACEIS on EURXT, CaixaBank on Qivalis and Qivalis on its DNB authorisation. Coinbase, Crypto.com, Kraken and Binance notices supply the 2024–2025 delisting dates. The status table also uses the ESMA opinion of 8 October 2026, Coinbase on MiCA-restricted stablecoins, Kraken on stablecoins for EEA clients (13 April 2026), BaFin on Ethena GmbH, Ethena USDe terms, Tether terms (26 February 2026), Ripple RLUSD transparency, PayPal on PYUSD (17 March 2026), CoinDesk on the TUSD issuer Techteryx and Ledger Insights on DAI and Sky. Use the page as general information and verify current token status before you act.