Euro stablecoin (EMT)
A euro stablecoin is a stablecoin that references the euro (working definition). Under MiCA, a crypto-asset that purports to keep a stable value by referencing one official currency is an e-money token, whose issuer must be a credit institution or electronic money institution; others may offer it with the issuer's written consent. Circle's MiCA white paper describes EURC as an e-money token backed by euro-denominated assets and redeemable 1:1 for euros; ESMA's interim register lists Circle's French entity with that white paper.
What the sources say
| Source | Quote | Link |
|---|---|---|
| MiCA Art. 3(1)(7): e-money token | "‘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): who may offer an EMT | "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 |
| Circle EURC MiCA white paper: EURC is an EMT | "EURC is an e-money token (" EMT "), available on public blockchain networks." | circle.com |
| Circle EURC MiCA white paper: backing and redemption | "As a fully reserved e-money token, EURC is backed by an equivalent amount of euro-denominated assets held by Circle SAS and redeemable 1:1 for euros." | circle.com |
| ESMA interim MiCA register (EMT white papers), Circle row | "Autorité de Contrôle Prudentiel et de Resolution (ACPR),FR,Circle Internet Financial Europe SAS,969500OYUDADGZKCR583,FR,,4 Rue de Marivaux 75002 Paris,https://www.circle.com/fr/,01/07/2024,,No,No,Electronic money institution,13XTMPZT3,…,https://www.circle.com/fr/legal/mica-eurc-whitepaper" | esma.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
See also
- Explainer: EURC vs USDC: what is the difference?
- Review: revain.org/coins/eurc/
- Review: revain.org/coins/eurcv/
- Review: revain.org/coins/euri/
- Review: revain.org/coins/eurod/
- Review: revain.org/coins/eurxt/
Checked against the sources on 2026-11-01.
revain.org
- revain.org/coins/eurc/
- revain.org/coins/eurcv/
- revain.org/coins/euri/
- revain.org/coins/eurod/
- revain.org/coins/eurxt/