Guide
MiCA and stablecoins in 2026: EMTs, ARTs and what changes for you
Not all stablecoins are equal in the eyes of EU law. Under MiCA, a compliant token and a non-compliant one no longer have the same future in the EU. This guide explains the difference between EMTs and ARTs, where USDC and EURC stand, and the exact scope of ESMA’s opinion of 8 October 2026.
The CryptoIBAN team
Published
Updated
7 min read
Key points
- MiCA recognises two families of stablecoins: EMTs, e-money tokens tied to one official currency, and ARTs, asset-referenced tokens.
- USDC and EURC are EMTs: Circle issues them in the EU through a subsidiary authorised in France as an e-money institution.
- Since ESMA’s opinion of 8 October 2026, providers may no longer offer their EU customers any service on a non-MiCA-compliant token; only a residual, temporary exit without promotion is tolerated.
- Tether has no authorised issuer in the EU. Holding USDT in self-custody is not prohibited, but EU providers must stop providing services on this token.
MiCA in 2026: the framework in a few dates
Regulation (EU) 2023/1114, known as MiCA, governs crypto-assets in the EU. It has been fully applicable since 30 December 2024. For stablecoins, two sets of rules matter: those aimed at their issuers, and those aimed at crypto-asset service providers (CASPs), such as exchanges and conversion services.
The transitional period ended on 1 July 2026. Since then, a CASP needs to be authorised (art. 59) or notified (art. 60) to serve customers in the EU, and ESMA lists authorised providers in an interim register. In Belgium, the FSMA had authorised no Belgian CASP by 9 October 2026 (its list reads “nil”): the CASPs operating there are authorised in another member state and use the EU passport.
| Date | Milestone |
|---|---|
| 30 December 2024 | MiCA fully applicable; the TFR applies to crypto-asset transfers |
| 17 January 2025 | ESMA and the European Commission publish guidance on non-MiCA-compliant ARTs and EMTs |
| 1 July 2026 | End of the transitional period: authorisation (art. 59) or notification (art. 60) required |
| 8 October 2026 | ESMA opinion: end of all services on non-compliant tokens for EU customers |
| 9 October 2026 | FSMA list of authorised Belgian CASPs: “nil” |
EMT or ART: the two families of stablecoins under MiCA
“Stablecoin” is not a legal category in MiCA. The regulation distinguishes two kinds of tokens that aim to keep a stable value. An e-money token (EMT) references the value of a single official currency: the US dollar for USDC, the euro for EURC. An asset-referenced token (ART) references something else, or a combination: several currencies, commodities, other crypto-assets.
In both cases, MiCA requires an issuer authorised in the EU and a white paper, the token’s information document. An EMT may only be offered to the public in the EU by an authorised institution, such as an e-money institution (art. 48). And MiCA prohibits granting interest on an EMT, meaning any remuneration or benefit linked to how long you hold it (art. 50).
Everything else, such as bitcoin, ether or SOL, falls into a third category: crypto-assets other than ARTs and EMTs. They reference no value, and their price moves sharply.
| Criterion | EMT | ART |
|---|---|---|
| References | A single official currency | Another value or a combination: currencies, commodities, crypto-assets |
| Issuer | Institution authorised in the EU, such as an e-money institution (art. 48) | Issuer authorised in the EU |
| Information document | White paper | White paper |
| Without an authorised EU issuer | Not compliant: no more CASP services for EU customers | Same rule |
USDC and EURC: two e-money tokens issued in the EU
USDC and EURC are issued by Circle. In the EU, they are issued by a subsidiary authorised in France as an e-money institution: they are EMTs under MiCA, with a white paper. EU providers can therefore keep offering services on both tokens.
The difference lies in the reference currency. 1 USDC is worth about 1 US dollar, so converting USDC into euros brings in the euro-dollar rate, up or down. 1 EURC is worth about 1 euro: no currency risk when paying an expense in euros, but conversion fees apply as with any other asset.
Compliance does not mean the absence of risk. A stablecoin can lose its peg to the currency it references; an EMT is not a deposit, and the protection offered by MiCA remains limited.
CryptoIBAN accepts USDT on Tron (TRC20) or Ethereum (ERC20), BTC on Bitcoin, ETH on Ethereum, and SOL on Solana. USDC and EURC deposits are unavailable. The regulatory examples in this article are not a list of available payment options. Check the current catalogue before sending.
ESMA’s opinion of 8 October 2026: what it actually says
On 8 October 2026, ESMA published an opinion (reference ESMA75-113276571-1742) on the provision of crypto-asset services in relation to non-MiCA-compliant ARTs and EMTs. Its position is clear: CASPs must stop all services on these tokens for their EU customers.
Only one exception is tolerated: a residual, temporary exit, without any promotion, allowing customers to close existing positions. A provider can therefore no longer offer such a token for purchase, or promote it.
USDT is directly affected: Tether has no authorised issuer in the EU. The opinion does not ban holding it: keeping USDT in a self-hosted wallet is not prohibited. What changes is that EU providers must stop providing you with services on this token, apart from that residual exit.
The opinion builds on guidance published as early as 17 January 2025 by ESMA and the European Commission, which already asked CASPs to stop services on non-compliant stablecoins. It comes after the end of the transitional period, when every provider must be authorised or notified.
The opinion targets providers, not individuals: it changes what EU providers may offer you, not what you are allowed to hold.
What changes for you, depending on your situation
The practical effects depend on what you hold and where you hold it. The table below sums up the most common cases; it is not investment advice.
One more warning sign: an offer that promises remuneration simply for holding an EMT. MiCA does not allow it.
| Your situation | What changes | What to do |
|---|---|---|
| You hold USDC or EURC | Nothing of substance: these are compliant EMTs that EU providers can keep serving | Check the asset and the network before each deposit |
| You hold USDT on an EU platform | No new services; at most, a residual and temporary exit | Ask the platform how its exit works |
| You hold USDT in self-custody | Holding is not prohibited, but EU providers must stop their services on this token | Never send it to a deposit address meant for another asset |
| You are paid in stablecoins | The token used decides whether you can convert through an EU provider | Prefer a MiCA-compliant EMT, such as USDC or EURC, if you convert in the EU |
| You are offered an unfamiliar “stablecoin” | Its compliance cannot be taken for granted | Check its issuer and white paper, for example in ESMA’s register |
How to check a stablecoin and a provider
These checks take a few minutes and rely on official sources.
For more on checking a provider since the end of the transitional period, read our article MiCA: how to check a crypto provider.
- Identify the token: its name, its issuer and the network you hold it on.
- Check its category (EMT, ART or other crypto-asset) and whether a white paper exists.
- Look up the provider in ESMA’s interim register or with the national authority; in Belgium, the FSMA publishes the list of authorised Belgian CASPs.
- Read its published fees (art. 66(4)) and its pricing method (art. 77).
- Check who provides each service: MiCA requires this to be clear (arts. 59(5) and 70(4)).
- Always use the asset and network shown with the deposit address.
Frequently asked questions
Can I still hold USDT in the EU?
Yes. Holding USDT in self-custody is not prohibited. Since ESMA’s opinion of 8 October 2026, however, EU providers must stop all services on this token for their EU customers, apart from a residual, temporary exit.
Is USDC MiCA-compliant?
Yes. Under MiCA, USDC is an e-money token; in the EU, Circle issues it through a subsidiary holding an e-money institution authorisation in France. EU providers can therefore keep offering services on it.
Can a MiCA-compliant stablecoin lose its value?
Yes, the risk exists. A stablecoin can lose its peg to the currency it references, and the protection offered by MiCA is limited. Compliance governs the issuer and the providers; it does not remove the risk.
How do I know whether a platform may provide crypto-asset services to me?
Look it up in ESMA’s interim register or with the competent national authority: since 1 July 2026, a CASP must be authorised or notified. In Belgium, the FSMA’s list contained no Belgian CASP on 9 October 2026: the platforms operating there are authorised in another member state.
I was paid in USDT: what now?
Nothing forces you to part with it: holding it in self-custody is not prohibited. But EU providers must stop providing services on this token to their EU customers. For future payments, you can ask to be paid in a MiCA-compliant EMT, such as USDC or EURC.
Official sources
- Regulation (EU) 2023/1114 (MiCA) — EUR-Lexeur-lex.europa.eu
- ESMA — opinion of 8 October 2026 on non-MiCA-compliant ARTs and EMTs (ESMA75-113276571-1742)www.esma.europa.eu
- ESMA — statement on the end of transitional periods under MiCA (ESMA75-113276571-1679)www.esma.europa.eu
- ESMA and European Commission — guidance on non-MiCA-compliant ARTs and EMTs (January 2025)www.esma.europa.eu
- ESMA — interim MiCA registerwww.esma.europa.eu
- FSMA — list of authorised Belgian crypto-asset service providerswww.fsma.be
This guide is for information only: it is neither legal nor tax advice. Only the official texts cited are authoritative.
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