Who can issue a euro or dollar stablecoin offered in the EU?

Under MiCA, a euro or dollar stablecoin offered in the EU is treated as an e-money token, and its issuer must be authorized as a credit institution or an e-money institution. Those rules have applied since 30 June 2024. For an operator, the practical point is to work with regulated issuers and licensed on- and off-ramp partners.

MiCA's answer

The Markets in Crypto-Assets Regulation treats a stablecoin pegged to a single fiat currency as an e-money token. Its issuer must be authorized as a credit institution or an electronic money institution, hold reserves backing the tokens, and grant holders a right of redemption at par. These rules have applied since 30 June 2024. Issuers that did not comply have been delisted from EU exchanges.

What it means in practice

• Euro and dollar stablecoins offered to EU customers come from regulated issuers with published reserves.
• Dollar tokens issued outside the EU face limits on use as a means of payment in the euro area.
• On- and off-ramp partners that convert between fiat and tokens need their own licenses as crypto-asset service providers.

For operators

The practical rule is to work only with regulated issuers and licensed ramp partners, and to document that status per market as for any provider. Compliance teams will ask the same questions they ask about an acquirer: who holds the funds, under which license, with what safeguarding. With those answers, a stablecoin rail can join the payment network like any other provider.