# E-money token (EMT, MiCA)

MiCA's category for a crypto-asset referencing one official currency, issued and redeemable at par by a credit or e-money institution.

Canonical: https://achivx.org/glossary/e-money-token/
Updated: 2026-11-01

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](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) |
| 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](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) |
| 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](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) |
| 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](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) |
| 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](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) |
| 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](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) |
| 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](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0023.03/DOC_1) |
| 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](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0019.03/DOC_1) |
| 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](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) |

## Related terms

- [Asset-referenced token (ART, MiCA)](/glossary/asset-referenced-token/)
- [Euro stablecoin (EMT)](/glossary/euro-stablecoin/)
- [CASP (MiCA)](/glossary/casp/)
- [Stablecoin](/glossary/stablecoin/)
- [Redemption](/glossary/redemption/)
- [Payment stablecoin (GENIUS Act)](/glossary/payment-stablecoin/)

## See also

- Explainer: [Can I still hold USDT in Europe? MiCA and the delistings](https://achivx.com/academy/issuers/usdt-in-europe-under-mica.html)
- Review: [revain.org/coins/eurc/](https://revain.org/coins/eurc/)
- Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/)
- Review: [revain.org/coins/eurcv/](https://revain.org/coins/eurcv/)
- Review: [revain.org/coins/usdg/](https://revain.org/coins/usdg/)

Checked against the sources on 2026-11-01.

## revain.org
- https://revain.org/coins/eurc/
- https://revain.org/coins/usdc/
- https://revain.org/coins/eurcv/
- https://revain.org/coins/usdg/

## Sources
- https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1
- https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0023.03/DOC_1
- https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0019.03/DOC_1