# Euro stablecoin (EMT)

Working definition: a stablecoin referencing the euro; under MiCA it is an e-money token, such as Circle's EURC.

Canonical: https://achivx.org/glossary/euro-stablecoin/
Updated: 2026-11-01

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](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) |
| 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](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) |
| Circle EURC MiCA white paper: EURC is an EMT | "EURC is an e-money token (" EMT "), available on public blockchain networks." | [circle.com](https://www.circle.com/legal/mica-eurc-whitepaper) |
| 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](https://www.circle.com/legal/mica-eurc-whitepaper) |
| 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](https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv) |
| 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

- [E-money token (EMT, MiCA)](/glossary/e-money-token/)
- [Stablecoin](/glossary/stablecoin/)
- [Fiat-backed stablecoin](/glossary/fiat-backed-stablecoin/)
- [Redemption](/glossary/redemption/)

## See also

- Explainer: [EURC vs USDC: what is the difference?](https://achivx.com/academy/issuers/eurc-vs-usdc.html)
- Review: [revain.org/coins/eurc/](https://revain.org/coins/eurc/)
- Review: [revain.org/coins/eurcv/](https://revain.org/coins/eurcv/)
- Review: [revain.org/coins/euri/](https://revain.org/coins/euri/)
- Review: [revain.org/coins/eurod/](https://revain.org/coins/eurod/)
- Review: [revain.org/coins/eurxt/](https://revain.org/coins/eurxt/)

Checked against the sources on 2026-11-01.

## revain.org
- https://revain.org/coins/eurc/
- https://revain.org/coins/eurcv/
- https://revain.org/coins/euri/
- https://revain.org/coins/eurod/
- https://revain.org/coins/eurxt/

## Sources
- https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1
- https://www.circle.com/legal/mica-eurc-whitepaper
- https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv