Analysis
MiCA Stablecoins: 25 E-Money Token Issuers, No Asset-Referenced Tokens
ESMA's register lists 50 e-money token white papers and an empty asset-referenced token file. Who issues them, from where, and what the file leaves out.
MiCA's stablecoin rules have applied since 30 June 2024. On 21 Oct 2026, ESMA's register listed 50 e-money token (EMT) white-paper entries from 25 issuers, and 0 asset-referenced token (ART) issuers: the ART file is empty (EMTWP.csv, ARTZZ.csv).
Who Can Issue an E-Money Token
Only credit institutions and electronic money institutions may offer e-money tokens to the public, and they must notify a white paper to their authority (Articles 48 and 51 of MiCA). The register shows 44 entries from e-money institutions and 5 from credit institutions. ESMA warns that white papers in its register “have not been reviewed or approved by any competent authority” (ESMA).
What the File Does Not Tell You
- The file has no token-name column, only the issuer, a white-paper link and Digital Token Identifiers. We do not add token tickers that the file does not state.
- 3 entries are marked as exempt under Article 48(4) and/or 48(5) of MiCA in the ESMA file.
The issuer list is on the stablecoins page.
Sources
- ESMA EMTWP.csv www.esma.europa.eu
- ESMA ARTZZ.csv www.esma.europa.eu
- Regulation (EU) 2023/1114 eur-lex.europa.eu