This article is source-linked reading guidance. It is not legal advice. For binding interpretation, follow the EUR-Lex regulation, ESMA / EBA technical standards and the relevant national competent authority. Where a point is uncertain, this article says so rather than guessing.

Why MiCA matters for euro stablecoins

MiCA (Regulation (EU) 2023/1114) is the first EU-wide rulebook for crypto-asset issuance and service provision. For euro stablecoins it matters because it defines what kind of token an EUR stablecoin can be (an EMT or, in narrow cases, an ART), who is allowed to issue and offer it inside the EU, what reserve and disclosure obligations apply, and which authority supervises the issuer. The primary legal text is at EUR-Lex / CELEX 32023R1114. Secondary technical standards from ESMA and EBA flesh out the articles; both bodies maintain MiCA hubs at ESMA and EBA.

For a researcher or market participant, the practical consequence is that several things you used to have to ask the issuer about (reserve composition, redemption rights, supervised entity, jurisdiction) now have a regulator-defined surface that you can check independently of the issuer. This article is a guide to where that surface lives and what it does and does not say.

EMTs and ARTs in plain language

MiCA distinguishes between three kinds of crypto-assets: EMTs, ARTs, and other crypto-assets. The first two are the relevant categories for euro stablecoins.

E-money tokens (EMTs). A token that aims to stabilise its value by referencing one official currency. Most EUR stablecoins fall in this category: the token references the euro 1:1 and the issuer commits to redeem at par.
Asset-referenced tokens (ARTs). A token that aims to stabilise its value by referencing more than one official currency, one or more commodities, one or more crypto-assets, or a basket of any of those. ARTs are rarer in the EUR-stablecoin space; an EUR-only stablecoin is an EMT, not an ART. A multi-currency basket would be an ART; a hybrid- backed EUR-only stablecoin can still be an EMT depending on structure.
Other crypto-assets. Everything else (utility tokens, plain crypto). Not relevant to the stablecoin discussion.

The category drives most of the substantive rules: who can issue (EMT issuers must be credit institutions or authorised electronic money institutions; ART issuers face different requirements), what reserves must look like, what white paper must be published and notified, and which competent authority supervises.

What issuer status means and what it does not mean

"Issuer status under MiCA" is shorthand for several different things at once. Pulling them apart is the most common source of confusion in coverage of EUR stablecoins.

Authorisation as a credit institution or EMI. Required for an EMT issuer. The bank-licence or EMI authorisation sits with the national competent authority that supervises the firm; it is the underlying authorisation that allows the firm to take customer funds at all.
Notification of an EMT white paper to ESMA. Under Article 109(2) of MiCA, EMT issuers notify their white papers to ESMA, which maintains a public register. The register is the most reliable single artefact for "has this EMT been notified under MiCA"; see the ESMA MiCA hub.
Ongoing supervision. Authorisation is not a one-time stamp. Supervisory authorities can inspect, sanction and ultimately revoke. Public action against an issuer (or the absence of action) is a separate signal from the original authorisation.
What it is NOT. A MiCA notification is not a safety endorsement. It does not promise redemption, it does not certify the issuer’s commercial decisions, and it does not validate any third-party DeFi pool or CEX listing. Treating a MiCA filing as a substitute for the reader’s own due diligence is a category error. MiCA defines the rulebook; it does not vouch for the firm beyond its own remit.

Where to check public regulatory information

Public regulator surfaces, ranked from primary to secondary.

EUR-Lex - Regulation (EU) 2023/1114 (MiCA, consolidated text) is the primary legal source. Read the EMT-specific articles (Title IV) for reserve, redemption and disclosure detail.
ESMA - ESMA’s MiCA hub consolidates Q&A, technical standards and the public registers. The Article 109(2) register lists EMTs that have been notified to ESMA.
EBA - EBA MiCA pages cover technical standards on reserve composition, prudential treatment, consumer protection and crisis-management for EMT and ART issuers.
ECB - ECB digital-euro pages and prudential commentary for context on how the public-money side of the euro stack relates to private EMTs.
National competent authorities (NCAs). Authorisation and ongoing supervision happen at member-state level. Examples relevant to EUR stablecoins:
- France - the AMF and the ACPR. Salvus SAS (issuer of EURØP) and the SG-FORGE perimeter (EURCV) are in scope.
- Germany - BaFin. AllUnity (EURAU) is supervised here.
- Iceland - FME. Monerium (EURe) operates under EMI authorisation supervised here.
- Other member states - relevant where an issuer is authorised in that jurisdiction. Use the NCA register as the authoritative source for the licence.
Issuer pages - read the issuer’s own transparency / regulation page after the regulator pages, not instead of them. Issuers state their status; the regulator confirms it.

How MiCA context relates to reserve and redemption disclosures

MiCA shapes what reserve disclosures look like in two ways. The companion article on this site, how euro stablecoin reserves are reported, covers the reserve-side artefacts in detail; the relevant MiCA context is summarised here.

Reserve composition. MiCA constrains the assets that can back an EMT, the segregation of those assets from the issuer’s own funds, and the custodial arrangements. The technical standards on EBA’s pages set the detailed asset-class and counterparty rules.
Redemption right. MiCA gives EMT holders a redemption claim against the issuer at par. Issuers publish redemption procedures on their transparency pages; the authoritative right comes from the regulation, not the issuer page.
White paper. EMT issuers must publish a white paper that meets MiCA disclosure requirements and notify it to the competent authority. The white paper is a public document; ESMA’s register is where to find which white papers exist for a given EMT.
Significance regime. MiCA designates some EMTs and ARTs as "significant" based on size and cross-border use; significant tokens are supervised differently (with EBA more directly involved). For most EUR stablecoins today this regime does not yet bind, but it is worth knowing about because the threshold can move with circulating supply.
Audit / attestation surfaces. MiCA-driven disclosures coexist with commercial audit / attestation artefacts on issuer sites. The "MiCA" surface is the white paper plus the technical-standard-defined disclosures; attestations are issuer-commissioned reports on top of that. Both useful, different.

Examples from tracked EUR stablecoins

Short illustrative pointers for the EUR stablecoins on this site. None of these is a recommendation; they are reading examples that show how the MiCA surface lands on different issuer shapes.

EURC (Circle) - US-headquartered issuer with EUR-stablecoin operations addressed under MiCA via Circle’s EU subsidiary. See the EURC reference page for the per-coin context and Circle’s own circle.com/transparency for issuer-side disclosures. ESMA’s register is the place to look for the notified white paper.
EURØP (Schuman / Salvus) - Salvus SAS is the EMT-issuing entity, supervised under the French regime (AMF / ACPR). The EURØP reference page tracks issuer + reserve sources.
EURS (STASIS) - one of the older EUR stablecoins; the stasis.net site is the entry point for issuer information. Confirm current MiCA-side status against the relevant NCA / ESMA register at the time of reading.
EURe (Monerium) - e-money under EMI authorisation supervised by FME (Iceland); MiCA EMT regime applies through the EMI route.
EURCV (SG-FORGE) - issued by the Société Générale-FORGE entity under the French regime.
EURI (Banking Circle) - EMI-authorised issuer; MiCA EMT regime applies through the EMI route.
EURAU (AllUnity) - EMI authorisation by BaFin; relevant German supervision.
EURA (Angle) - now in an orderly wind-down (AIP-112), redeemable 1:1 for EURC until 1 March 2027. EURA was hybrid- backed and not aligned with the EMT regime; the wind-down routes redemptions through EURC rather than maintaining EURA under MiCA.
AEUR (Anchored Coins) - Swiss issuer; AEUR is winding down because it is not aligned with the EU MiCA regime. Binance has delisted. The site reflects this.
Other tracked issuers - the per-coin pages and the directory link to each issuer’s public materials. Check the relevant NCA register for the current authorisation status.

What eurostablecoins.xyz tracks

What this site does and does not publish on the MiCA-side surface:

Per-coin issuer context on each coin page (e.g. /eurc, /europ) with the issuer name, jurisdiction and the issuer’s own references. The site does not publish a binding interpretation of any issuer’s authorisation.
Source-linked news cards at /news for regulator-side announcements where the source is a regulator page (for example AMF / ACPR / BaFin / FME / EBA / ESMA action). Each card links to the original publisher; the site does not republish content.
A MiCA reference page at /mica-stablecoins for the high-level orientation across the EUR stablecoin set.
A source-class policy at /about#source-classes that separates regulator-sourced facts from issuer-disclosed claims so a reader can tell what kind of statement they are looking at.
A markets registry at /markets with EUR stablecoin pools and lending venues. This is market-data observed, not a regulatory surface; the two should not be confused.

The site does not publish any binding interpretation of MiCA articles. For binding interpretation, consult the regulator sources directly or qualified counsel.

Data limitations and caveats

Status changes over time. Authorisation can be granted, varied, withdrawn or sanctioned. A MiCA notification you read about in a news report may have changed by the time you act on it. The NCA register is the live surface.
"Notified" is not the same as"authorised". An EMT white paper notified to ESMA is the disclosure surface. The underlying authorisation of the issuer (as a credit institution or EMI) is at the NCA. Confuse the two and you will misread coverage.
National variation. MiCA harmonises a great deal but supervisory practice still varies across member states; technical standards are still being finalised in places. Where ESMA / EBA Q&A is silent on a point, treat it as open.
Significance regime is dynamic. The"significant" EMT / ART threshold can move based on circulating supply, transaction count and cross-border use. A token that is not significant today can become so.
Non-EU issuers. A USD-headquartered or non-EU issuer may serve EU customers via an EU subsidiary or distribution arrangement. The MiCA rules attach to the EU issuance, not necessarily to the parent.
Sunset issuers. EUR stablecoins that did not align with MiCA are winding down (e.g. AEUR, EURA). Coverage of these tokens should always lead with the wind-down framing rather than the historical reserve report.
Source-class discipline. On this site, statements about MiCA status are separated into regulator-sourced-fact (an ESMA / EBA / NCA page), issuer-document-fact (an issuer’s own disclosure), issuer-disclosed-commercial-claim (a marketing statement), and no-public-source-found (the site cannot find a usable source). The class affects how a citation should be read; see /about#source-classes.
Not legal advice. Nothing on this site is a legal opinion. For binding interpretation of MiCA, EBA / ESMA technical standards, or any NCA action, follow the source link or consult qualified counsel.

Practical checklist for researchers

Identify the issuer’s legal entity and its supervising NCA.
Confirm the underlying authorisation (credit institution or EMI) on the NCA register.
Check the ESMA Article 109(2) register for the notified EMT white paper.
Read the white paper for redemption mechanics, reserve composition, and risk disclosures.
Check the issuer’s transparency page for the latest attestations / reserve reports (not as a substitute for the regulator surface, but as the operational artefact).
For binding interpretation of any specific MiCA article, go to EUR-Lex / EBA / ESMA, not secondary write-ups.
Keep MiCA / regulator surfaces and on-chain market data in separate mental buckets. Notification status says nothing about pool liquidity; pool TVL says nothing about authorisation.
Where a fact is uncertain, treat it as uncertain. Do not infer compliance status that the regulator has not stated.

This article is informational reading guidance. It is not legal, financial, or investment advice. Where third-party sources are cited, follow the source link for the authoritative text. Published 15 May 2026.

MiCA Stablecoin Rules Explained