MiCA e-money token
Authorised in the EU as an e-money token: reserves held with credit institutions, redemption at par on demand.
- Jurisdiction
- European Union / EEA
- Regulator
- National competent authorities under ESMA and EBA coordination
- In force
- Stablecoin (EMT/ART) rules applied from 30 June 2024
- Reserve rule
- Full backing, segregated from the issuer's own assets, with at least 30% of fiat reserves held as deposits at EU credit institutions (60% for significant tokens) and the rest in low-risk, highly liquid instruments.
- Redemption right
- A legal right to redeem at par, at any time, free of charge, enforceable against the authorised issuer.
- Disclosure
- Published white paper, ongoing reserve reporting, and notification duties to the home regulator.
What this regime does not protect you from
- • Your token sitting on an exchange — that is exchange credit risk, not issuer risk
- • Smart-contract failure on any given chain
- • Depegs on secondary markets between redemption windows
- • Non-EEA issuance of the same ticker, which may sit outside MiCA entirely
Tokens under MiCA e-money token (1)
Columns
| $71.95B | $0.9997 | −0.51% | 8.02% | 91 |
Source: ESMA — Markets in Crypto-Assets Regulation. Regime tags describe an issuer's public registrations, not a rating.
Frequently asked
+ − Why did exchanges delist USDT in Europe?
MiCA bars EEA venues from offering e-money tokens whose issuer is not authorised in the EU. Tether did not seek EMT authorisation, so several exchanges restricted EEA users.
+ − Does MiCA guarantee my money back?
It gives you an enforceable redemption right at par against the issuer, backed by segregated reserves. It is not a deposit guarantee scheme, so issuer failure can still cost you.