E-money token (EMT, MiCA)
An e-money token (EMT) is MiCA's category for a crypto-asset that purports to maintain a stable value by referencing the value of one official currency. In the EU, its issuer must be authorised as a credit institution or electronic money institution and have notified and published a white paper; other persons may offer it with the issuer's written consent. Holders have a claim against the issuer, which must issue at par on receipt of funds and redeem at any time at par. Issuers may not grant interest.
What the sources say
| Source | Quote | Link |
|---|---|---|
| MiCA Art. 3(1)(7): definition | "‘electronic money token’ or ‘e-money token’ means a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency;" | publications.europa.eu |
| MiCA Art. 48(1): authorisation and white paper | "A person shall not make an offer to the public or seek the admission to trading of an e-money token, within the Union, unless that person is the issuer of such e-money token and: (a) is authorised as a credit institution or as an electronic money institution; and (b) has notified a crypto-asset white paper to the competent authority and has published that crypto-asset white paper in accordance with Article 51." | publications.europa.eu |
| MiCA Art. 49(2): claim on the issuer | "Holders of e-money tokens shall have a claim against the issuers of those e-money tokens." | publications.europa.eu |
| MiCA Art. 49(3): issue at par | "Issuers of e-money tokens shall issue e-money tokens at par value and on the receipt of funds." | publications.europa.eu |
| MiCA Art. 49(4): redeem at par | "Upon request by a holder of an e-money token, the issuer of that e-money token shall redeem it, at any time and at par value, by paying in funds, other than electronic money, the monetary value of the e-money token held to the holder of the e-money token." | publications.europa.eu |
| MiCA Art. 50(1): no interest | "Notwithstanding Article 12 of Directive 2009/110/EC, issuers of e-money tokens shall not grant interest in relation to e-money tokens." | publications.europa.eu |
| MiCA ES Art. 3(1)(7): Spanish term | "«ficha de dinero electrónico»: un tipo de criptoactivo que, a fin de mantener un valor estable, se referencia al valor de una moneda oficial;" | publications.europa.eu |
| MiCA PT Art. 3(1)(7): Portuguese term | "«Criptoficha de moeda eletrónica», um tipo de criptoativo que procura manter um valor estável por referência ao valor de uma moeda oficial;" | publications.europa.eu |
| MiCA Art. 48(1), second subparagraph: offer with the issuer's written consent | "Notwithstanding the first subparagraph, upon the written consent of the issuer, other persons may offer to the public or seek the admission to trading of the e-money token." | publications.europa.eu |
Related terms
- Asset-referenced token (ART, MiCA)
- Euro stablecoin (EMT)
- CASP (MiCA)
- Stablecoin
- Redemption
- Payment stablecoin (GENIUS Act)
See also
- Explainer: Can I still hold USDT in Europe? MiCA and the delistings
- Review: revain.org/coins/eurc/
- Review: revain.org/coins/usdc/
- Review: revain.org/coins/eurcv/
- Review: revain.org/coins/usdg/
Checked against the sources on 2026-11-01.