An EMT offered to EU users generally needs an authorised EU issuer and a published, notified white paper. In the ESMA snapshot synced 10 July 2026, we found no corresponding issuer or white-paper entry for USDT. The finding applies only to that register snapshot and does not prove a user-level ban. The snapshot contains issuer and white-paper rows for tokens including USDC, EURC and EUROe. Actual availability still depends on the venue, product and customer country.
The two categories: EMT and ART
- 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.
- An asset-referenced token (ART) references a basket of currencies, commodities or crypto-assets. The issuer needs a dedicated authorisation. 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. |
Which issuers have notified EMT white papers?
The current ESMA snapshot contains EMT white-paper notifications and 0 ART records. The snapshot was synced 10 July 2026. The table lists the main tokens for which the dated snapshot identifies both an authorised EU issuer and a notified white paper:
| Token | Peg | Issuer | Authorised in |
|---|---|---|---|
| USDC | USD | Circle Internet Financial Europe SAS | France (ACPR) |
| EURC | EUR | Circle Internet Financial Europe SAS | France (ACPR) |
| EURCV / USDCV | EUR / USD | 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 | EUR / USD | Paxos Issuance Europe Oy | Finland (FIN-FSA) |
| EURe | EUR | Monerium ehf | Iceland (Central Bank) |
| EURQ / USDQ | EUR / USD | Quantoz Payments B.V. | Netherlands (DNB) |
| EURAU / CHFAU / SEKAU | EUR / CHF / SEK | AllUnity (DWS, Galaxy, Flow Traders) | Germany (BaFin) |
| EURR / USDR | EUR / USD | StablR Ltd | Malta (MFSA) |
The snapshot dated 10 July 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.
ESMA warning: ESMA states that an EU competent authority has not reviewed or approved the white papers in this register. The issuer remains responsible for the information after notification and publication.
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.
The dedicated USDT in Europe guide explains the timeline, holding, custody, withdrawals, trading pairs and the EEA checklist.
Check the rule that applies to you
First check the USDT rule for your activity. Then verify the legal entity serving your exchange account.
Every EMT white-paper record
The table reproduces all 41 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.
| Issuer | State | Notified | Token / DTI | White paper |
|---|---|---|---|---|
| Stable LabsPayment Corporation SELEI 315700IJDQF91J9C8B68 | CZCzech National Bank (CNB) | 17 May 2025 | EMT is issued under the limited network exception. It is not offered to the general public, but is used solely within a clearly defined, functionally limited ecosystem. | View ↗ |
| Stable LabsPayment Corporation SELEI 315700IJDQF91J9C8B68 | CZCzech National Bank (CNB) | 20 September 2025 | EMT is issued under the limited network exception. It is not offered to the general public, but is used solely within a clearly defined, functionally limited ecosystem. | View ↗ |
| Stable LabsPayment Corporation SELEI 315700IJDQF91J9C8B68 | CZCzech National Bank (CNB) | 16 October 2025 | EMT is issued under the limited network exception. It is not offered to the general public, but is used solely within a clearly defined, functionally limited ecosystem. | View ↗ |
| AllUnity GmbHLEI 3912007G8L8CD3HFIV26 | DEFederal Financial Supervisory Authority (BaFin) | 20 June 2025 | EURAU | View ↗ |
| AllUnity GmbHLEI 3912007G8L8CD3HFIV26 | DEFederal Financial Supervisory Authority (BaFin) | 19 January 2026 | CHFAU | View ↗ |
| AllUnity GmbHLEI 3912007G8L8CD3HFIV26 | DEFederal Financial Supervisory Authority (BaFin) | 6 May 2026 | SEKAU | View ↗ |
| AllUnity GmbHLEI 3912007G8L8CD3HFIV26 | DEFederal Financial Supervisory Authority (BaFin) | 9 June 2026 | CHFAU, V1.2 | View ↗ |
| EurodollarEurodollar ApSLEI 8945001XWFMRUTCAK575 | DKFinanstilsynet | 10 April 2025 | — | Not linked |
| Paxos EUPaxos Issuance Europe OyLEI 743700KYSSTKZYGEUF50 | FIFinanssivalvonta (FIN-FSA) | 29 June 2024 | — | View ↗ |
| Paxos EUPaxos Issuance Europe OyLEI 743700KYSSTKZYGEUF50 | FIFinanssivalvonta (FIN-FSA) | 29 June 2024 | — | View ↗ |
| PaxosPaxos Issuance Europe OyLEI 743700KYSSTKZYGEUF50 | FIFinanssivalvonta (FIN-FSA) | 9 June 2025 | machine-readable version made available | View ↗ |
| Paxos EUPaxos Issuance Europe OyLEI 743700KYSSTKZYGEUF50 | FIFinanssivalvonta (FIN-FSA) | 19 December 2025 | Added the functionality to use USDG on X layer blockchain | View ↗ |
| CACEIS BANKCACEIS BANK SALEI 96950023SCR9X9F3L662 | FRAutorité de Contrôle Prudentiel et de Resolution (ACPR) | 30 June 2026 | No comment. Ongoing additional review of the qualitative information provided in each WP item, in accordance with MiCA/ESMA ITS provisions and other MiCA compliant WP | View ↗ |
| Circle Internet Financial Europe SASLEI 969500OYUDADGZKCR583 | FRAutorité de Contrôle Prudentiel et de Resolution (ACPR) | 1 July 2024 | No comment. Ongoing additional review of the qualitative information provided in each WP item, in accordance with MiCA/ESMA ITS provision and other MiCA compliant WP | View ↗ |
| Circle Internet Financial Europe SASLEI 969500OYUDADGZKCR583 | FRAutorité de Contrôle Prudentiel et de Resolution (ACPR) | 1 July 2024 | No comment. Ongoing additional review of the qualitative information provided in each WP item, in accordance with MiCA/ESMA ITS provisionand other MiCA compliant WP" | View ↗ |
| OuiTrustHEURO SASLEI 984500DB91E5A48E7F26 | FRAutorité de Contrôle Prudentiel et de Resolution (ACPR) | 26 February 2026 | No comment. Ongoing additional review of the qualitative information provided in each WP item, in accordance with MiCA/ESMA ITS provisions and other MiCA compliant WP | View ↗ |
| Oddo BHFOddo BHF SCALEI 9695002I9DJHZ3449O66 | FRAutorité de Contrôle Prudentiel et de Resolution (ACPR) | 15 October 2025 | No comment. Ongoing additional review of the qualitative information provided in each WP item, in accordance with MiCA/ESMA ITS provisions and other MiCA compliant WP | View ↗ |
| SALVUSLEI 969500SGAEBRXYUAJ739 | FRAutorité de Contrôle Prudentiel et de Resolution (ACPR) | 22 November 2024 | No comment. Ongoing additional review of the qualitative information provided in each WP item, in accordance with MiCA/ESMA ITS provisionand other MiCA compliant WP" | View ↗ |
| Société Générale - ForgeLEI 969500FX8K40ZDW4F377 | FRAutorité de Contrôle Prudentiel et de Resolution (ACPR) | 1 July 2024 | No comment. Ongoing additional review of the qualitative information provided in each WP item, in accordance with MiCA/ESMA ITS provisionand other MiCA compliant WP" | View ↗ |
| Société Générale - ForgeLEI 969500FX8K40ZDW4F377 | FRAutorité de Contrôle Prudentiel et de Resolution (ACPR) | 16 July 2024 | No comment. Ongoing additional review of the qualitative information provided in each WP item, in accordance with MiCA/ESMA ITS provisionand other MiCA compliant WP" | View ↗ |
| MoneriumMonerium ehfLEI 2549003QDNZWASSSCY31 | ISCentral Bank of Iceland | 9 January 2026 | 81PTSP744, JVM0S87GB, 3P9X6K6P2, S45L7172C, ZHKQJ78VZ, 6KL7TK20G, 5LN265K07 | View ↗ |
| NewrailsNewrails, UABLEI 875500AX7AO0XVYSQD64 | LTBank of Lithuania | 26 January 2026 | — | Link unavailable |
| BLUE EMI LTUAB BLUE EMI LTLEI 254900XFMACGD0L7AI73 | LTBank of Lithuania (LSC) | 1 August 2025 | — | View ↗ |
| AIEU Services Limited S.A.LEI 254900VUR90QF0G3T387 | LUCommission de Surveillance du Secteur Financier (CSSF) | 22 October 2025 | — | View ↗ |
| Banking CircleBanking Circle S.A.LEI 213800W1NGBLERUS6M39 | LUCommission de Surveillance du Secteur Financier (CSSF) | 28 August 2024 | — | View ↗ |
| GR8.moneySIA GR8 PAYLEI 6488GKH17O8XT1326F66 | LVLatvijas Banka | 21 April 2026 | 5X779H3M3 | View ↗ |
| GR8.moneySIA GR8 PAYLEI 6488GKH17O8XT1326F66 | LVLatvijas Banka | 21 April 2026 | PJM1C1PM6 | View ↗ |
| Stable mintStable mint LtdLEI 984500A64C0EA64BC554 | MTMalta Financial Services Authority | 8 August 2024 | — | View ↗ |
| Stable mintStable mint LtdLEI 984500A64C0EA64BC554 | MTMalta Financial Services Authority | 27 November 2024 | — | View ↗ |
| StablR LtdLEI 984500AA0OCA9CE0D796 | MTMalta Financial Services Authority | 14 November 2025 | — | View ↗ |
| StablR LtdLEI 984500AA0OCA9CE0D796 | MTMalta Financial Services Authority | 14 November 2025 | — | View ↗ |
| Fiat RepublicFiat Republic NetherlandsLEI 724500GVWT7QULV8CR59 | NLDe Nederlandsche Bank (DNB) | 2 December 2024 | ENEUR white paper | View ↗ |
| Fiat RepublicFiat Republic NetherlandsLEI 724500GVWT7QULV8CR59 | NLDe Nederlandsche Bank (DNB) | 2 December 2024 | ENGBP white paper | View ↗ |
| Fiat RepublicFiat Republic NetherlandsLEI 724500GVWT7QULV8CR59 | NLDe Nederlandsche Bank (DNB) | 24 March 2025 | ENUSD white paper | View ↗ |
| Quantoz PaymentsQuantoz Payments B.VLEI 7245008P1HPUPVM7XL94 | NLDe Nederlandsche Bank (DNB) | 24 March 2025 | EURQ white paper | View ↗ |
| Quantoz PaymentsQuantoz Payments B.VLEI 7245008P1HPUPVM7XL94 | NLDe Nederlandsche Bank (DNB) | 24 March 2025 | USDQ white paper | View ↗ |
| Quantoz PaymentsQuantoz Payments B.VLEI 7245008P1HPUPVM7XL94 | NLDe Nederlandsche Bank (DNB) | 1 August 2025 | EURD EMT white paper | View ↗ |
| Quantoz PaymentsQuantoz Payments B.VLEI 7245008P1HPUPVM7XL94 | NLDe Nederlansche Bank (DNB) | 7 April 2026 | PLNQ white paper | View ↗ |
| Quantoz PaymentsQuantoz Payments B.VLEI 7245008P1HPUPVM7XL94 | NLDe Nederlansche Bank (DNB) | 7 April 2026 | GBPQ white paper | View ↗ |
| Quantoz PaymentsQuantoz Payments B.VLEI 7245008P1HPUPVM7XL94 | NLDe Nederlansche Bank (DNB) | 15 April 2026 | RONQ white paper | View ↗ |
| StaBillonStaBillon sp. z o.o.LEI 2594008EL5UN8RIA8P23 | PLPolish Financial Supervision Authority (KNF) | 30 October 2025 | — | Not linked |
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. The venture targets a euro stablecoin in late 2026, pending its Dutch e-money authorisation. The European Commission opened a targeted MiCA review consultation on 20 May 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 full regulation guide is in What is MiCA?. The register shows the status of each exchange.
The page was reviewed 11 August 2026, and the register snapshot was synced 10 July 2026. The rules come from Titles III and IV of MiCA. The token data comes from ESMA’s official EMT white-paper register (41 EMT rows and 0 ART rows in the snapshot synced 10 July 2026). Other sources are the ESMA statement on stablecoins (17 Jan 2025), CACEIS on EURXT and CaixaBank on Qivalis. Coinbase, Crypto.com, Kraken and Binance notices supply the 2024–2025 delisting dates. Use the page as general information and verify current token status before you act.