What''s the difference between EMT and ART?

An EMT (Electronic Money Token) references a single fiat currency and is issued by a licensed credit institution or Electronic Money Institution. An ART (Asset-Referenced Token) references a basket of assets or a non-currency reference; ARTs have a separate authorization regime under MiCA. Fiat-backed stablecoins like USDC and EURC are EMTs.

Is USDT MiCA-authorized?

No — as of 2 July 2026, USDT (Tether) does not appear on any EU national competent authority register as a MiCA-authorized EMT. Tether has publicly stated it does not currently intend to seek EU authorization on the same path.

Where can I verify these authorizations myself?

The primary sources are the ESMA MiCA public register (EU-wide index), ACPR REGAFI (France), the CSSF public register (Luxembourg), and equivalent NCA registers in each member state (BaFin, Bank of Lithuania, etc.). Issuer press releases and MiCA disclosures are secondary corroboration.

Does MiCA authorization apply across all EU member states?

Yes — an EMT authorized in one EU member state can be marketed across the EU under MiCA passporting, subject to notification to host NCAs. This is one of MiCA''s design goals: single authorization, EU-wide operation.

How often is this list updated?

Quarterly, with the last verified date visible on the page. Each refresh cross-checks every listed entry against the current NCA register and adds any newly authorized issuers with a citable source. See the Changelog section for update history.

MiCA-Authorized Stablecoins: The Verified List

As of 2 July 2026, a shortlist of stablecoins has secured MiCA authorization as e-money tokens (EMTs) from an EU national competent authority. This page tracks the ones we have verified against issuer disclosures and public regulator registers. It does not attempt to be exhaustive.

This is a maintained list of MiCA-authorized stablecoins. Every entry has been cross-checked against issuer disclosures and public NCA registers. If we cannot cite a source, the entry is not listed. The MiCA transitional period for VASP-registered firms closed on 30 June 2026 — from 1 July 2026, only MiCA-authorized EMTs can be offered to EU users at scale by regulated distributors.

What "MiCA-authorized" means (EMT vs ART)

MiCA defines two token categories that concern stablecoins:

Electronic Money Token (EMT) — a token referencing a single fiat currency (e.g. USD, EUR). USDC, EURC, EURI, EURCV are all EMTs. Issued by an authorized credit institution or Electronic Money Institution.
Asset-Referenced Token (ART) — a token referencing a basket of assets or a non-currency asset. Rare; separate authorization regime.

"MiCA-authorized" in the context of stablecoins almost always means EMT authorization by a national competent authority (NCA) of an EU member state, valid across the EU under MiCA passporting.

Verified list (as of 2026-07-02)

| Token | Issuer | Currency | NCA | Notes | |---|---|---|---|---| | USDC | Circle Internet Financial Europe SAS | USD | ACPR (France) | EMT authorized; publicly announced July 2024. | | EURC | Circle Internet Financial Europe SAS | EUR | ACPR (France) | EMT authorized; publicly announced July 2024. | | EURCV | Société Générale-FORGE | EUR | ACPR (France) | EMT authorized; SG-FORGE is a licensed EMI under Group Société Générale. | | EURI | Banking Circle S.A. | EUR | CSSF (Luxembourg) | EMT authorized; issued by Banking Circle''s Luxembourg entity. |

Explicitly excluded

USDT (Tether) — no MiCA authorization on record as of last verified date. Tether has publicly stated it does not currently intend to seek EU authorization on the same path.
PYUSD (PayPal USD) — issuer path in the EU unclear as of last verified date; not on the ACPR REGAFI or CSSF public registers.
DAI — not an EMT (algorithmic/crypto-collateralized); does not fit the MiCA EMT regime.

Additional euro tokens (agEUR/EURA, EUROe, and others) may be authorized but we have not been able to cite a definitive NCA register entry as of the verification date. If you have citable evidence for an addition, we''ll add it in the next quarterly refresh.

How we verified

For every entry above, we cross-checked:

1. Issuer name against the ACPR REGAFI or CSSF public register. 2. Issuer''s own MiCA disclosure or press release. 3. ESMA MiCA public register cross-reference where available.

What''s pending or unverified

Several issuers have publicly announced MiCA authorization intent without a corresponding NCA register entry we could verify. We list them here without adding them to the verified table: PYUSD, several agEUR/EURA lineages, and a handful of member-state-level EUR stablecoins from smaller issuers.

How this list is refreshed

Quarterly review cadence. On each refresh:

1. Re-check every listed entry against the current NCA register. 2. Add any newly authorized issuers with a citable source. 3. Remove any entry that has lost authorization. 4. Update the "last verified" date and append a Changelog entry.

Changelog

2026-07-02 — Initial publication. USDC, EURC, EURCV, EURI listed.

What changes for platforms on 1 July 2026

The MiCA transitional period for VASP-registered firms closed on 30 June 2026. From 1 July, regulated distributors in the EU can only offer stablecoins that are MiCA-authorized EMTs (subject to national grandfathering conditions where applicable). Non-authorized tokens can still exist on-chain, but licensed EU institutions cannot distribute them to EU users at scale.

How it works

1. Issuer applies for EMT authorization at an EU NCA. 2. NCA reviews reserve, redemption, custody, and governance requirements per MiCA Title III. 3. Once authorized, the token can be marketed as an EMT across the EU under MiCA passporting. 4. The authorization appears on the NCA''s public register (ACPR REGAFI, CSSF, BaFin, etc.). 5. This page cross-checks that register entry against issuer disclosure before listing.

Sources (last verified 2026-07-02)

ESMA MiCA public register.
ACPR REGAFI (Autorité de contrôle prudentiel et de résolution, France).
CSSF public register (Commission de Surveillance du Secteur Financier, Luxembourg).
Circle Internet Financial Europe MiCA disclosure and press release (July 2024).
Société Générale-FORGE public disclosure.
Banking Circle S.A. public disclosure.