What is MiCA and what does it require?

The EU's Markets in Crypto-Assets Regulation, Regulation (EU) 2023/1114. It defines two stablecoin forms: e-money tokens, which track one official currency, and asset-referenced tokens, which track other values or baskets. Issuers face authorization, reserve, safeguarding, and disclosure duties set article by article. The stablecoin titles have applied since 30 June 2024, and the whole regulation since 30 December 2024.

Which stablecoins are MiCA-compliant?

No public document issues a compliance list, and this site does not issue one either. What exists is the European register of notified white papers. Its interim files, read on 10 September 2026, carried the e-money token legs for Circle's EURC and USDC and for Paxos's USDG EU white paper, and zero rows for Tether entities across all five files. Notification is a register fact, not a verdict on any issuer.

MiCA: The EU Stablecoin Rules, Article by Article

What MiCA is

MiCA is Regulation (EU) 2023/1114. Its subject is markets in crypto-assets. It is a directly applicable EU regulation, published in the Official Journal ^[1]. The live EUR-Lex text is the version this page reads ^[1]. Its stablecoin coverage is not a side note. It is a dedicated architecture. Its own definitions. Its own authorization paths. Its own reserve rules.

The timing sits in Article 149. The regulation applies from 30 December 2024. By derogation, Titles III and IV apply earlier, from 30 June 2024 ^[1]. Those titles carry the stablecoin issuance regimes. Both dates are behind us. This is a live framework, not a proposal. That is the first thing separating it from the United States statute this pillar also covers.

The two legal forms

The regulation splits the market’s stablecoins into two legal forms. The definitions reward close reading. Every later duty attaches to one form or the other.

The first form is the e-money token. Article 3(7) defines it. A type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency ^[1]. One currency, one token. This is the form a dollar-pegged or euro-pegged payment token takes inside the EU framework. It is the form most of this site’s token pages describe.

The second form is the asset-referenced token. Article 3(6) defines it. A crypto-asset that is not an e-money token. It purports to hold a stable value by referencing another value or right, or a combination of them, including one or more official currencies ^[1]. A basket instrument lives here. So does anything pegged to a single non-currency reference. The two definitions partition the field. An issuer’s duties follow from which side of the line its token falls.

The article map for reserves and own funds

The framework’s core duties are assigned by article. The assignment is the map. For asset-referenced tokens, Article 35 covers own funds. Article 36 covers the reserve of assets. Article 38 covers the investment of that reserve. Tokens designated significant face the added regime at Article 45 ^[1].

For e-money tokens, Article 49 governs issuance and redemption at par. Article 50 prohibits paying interest to holders. Article 54 covers the safeguarding of funds. Significant e-money tokens face their own regime at Article 58 ^[1].

One choice needs saying out loud. The articles carry numeric thresholds and composition requirements. This page does not restate those values. The subjects are primary-confirmed in the live text. The values live in the articles themselves. A reader who needs the exact number should read the exact article. Secondhand transcription is how regulatory pages drift. Drift misstates the law in both directions. The article numbers here are the pointers.

One parallel with the United States is worth naming. Both texts reach the same conclusion about yield on the token itself. The EU prohibits interest to e-money token holders, at Article 50 ^[1]. The GENIUS Act carries its own interest ban. Two legislatures, an ocean apart, same answer. The GENIUS Act page holds the American side.

Who is on the register

The framework’s paper trail lands in a register. The register carries the white papers issuers must notify. The interim files were read on 10 September 2026 ^[2]. The picture is dated.

The e-money token legs listed two issuers. Circle Internet Financial Europe, with EURC and USDC white papers through its French authorization. Paxos Issuance Europe, with a USDG EU white paper through its Finnish authorization ^[2]. The trading-services leg carried a German-authorized entity. The Tether entities appeared in zero rows across all five interim files ^[2]. That negative observation is dated.

Precision gets its own paragraph. Notification on a register leg is a register fact. It is not an authorization verdict. Not a compliance grade. Not a ranking. The European Banking Authority keeps its own hub for the token forms ^[3]. That hub is the standing institutional surface. This site reports what the register said, on its read date, and nothing more.

What the reader can check

Every claim here points at the official text. The definitions are Articles 3(6) and 3(7). The dates are Article 149. The duty map is the article list above. The register facts are dated to their read. A reader with the EUR-Lex text open can check each one in minutes. That is the standard this pillar holds across jurisdictions. A page that cannot meet it says so. It does not approximate.

Where this page sits

The regulation hub frames all the regimes. The GENIUS Act page holds the United States statute and its 2027 start. The UK page holds the British rules and their gateway window. The instruments are introduced at stablecoins. The stablecoin intro explains the token forms in market terms, before the law renames them.