Issuer
The issuer creates a stablecoin and, under its terms or the law, redeems it. MiCA defines an issuer as a person or undertaking 'who issues crypto-assets' and requires the issuer of an e-money token to be a credit or e-money institution; others may offer it with the issuer's written consent. Under the GENIUS Act only a 'permitted payment stablecoin issuer' may issue a payment stablecoin in the US. Tether's terms say issuances and redemptions are administered by Tether and require a verified customer.
What the sources say
| Source | Quote | Link |
|---|---|---|
| MiCA Art 3(1)(10): issuer | "‘issuer’ means a natural or legal person, or other undertaking, who issues crypto-assets" | publications.europa.eu |
| MiCA Art 48(1): who may issue e-money tokens | "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" | publications.europa.eu |
| GENIUS Act, sec. 3: who may issue | "It shall be unlawful for any person other than a permitted payment stablecoin issuer to issue a payment stablecoin in the United States." | govinfo.gov |
| Tether terms: issuance and redemption | "Issuances and redemptions of Tether Tokens are administered by Tether." | tether.to |
| Tether terms: verified customers | "In order to cause Tether Tokens to be issued or redeemed by Tether, you must be a verified customer of Tether." | tether.to |
| 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: Stablecoin issuers
- Review: revain.org/coins/usdt/
- Review: revain.org/coins/usdc/
- Review: revain.org/coins/usdtb/
- Review: revain.org/coins/eurc/
Checked against the sources on 2026-11-01.