EU CRYPTO REGISTER · GLOSSARY · LAST VERIFIED
What is an E-Money Token (EMT) under MiCA?
An e-money token is a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency. EMTs are regulated under MiCA Title IV (Articles 48-58), which entered force on 30 June 2024. EMTs may only be issued by authorised credit institutions or electronic-money institutions (EMIs).
What is the exact legal definition?
MiCA Article 3(1)(7) defines an e-money token as "a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency". Article 48 requires issuance only by authorised credit institutions or EMIs. Source: Articles 3 and 48-58 MiCA.
What does it actually mean in practice?
Who can issue. Only credit institutions authorised under the Capital Requirements Directive or electronic money institutions authorised under the Electronic Money Directive (EMD2) may issue EMTs to the public in the EU. This is a deliberate alignment with the existing e-money regime: an EMT is, in MiCA's logic, e-money in token form.
White paper and redemption. Article 51 requires a crypto-asset white paper before public offer or admission to trading. Article 49 requires that EMT holders be granted a claim against the issuer for redemption at any time at par value.
Reserve requirements. EMT issuers must hold safeguarded funds in accordance with the EMD2 safeguarding regime, plus MiCA-specific reserve rules where applicable. The combined effect is that an EMT user has both an e-money redemption right and the MiCA-defined disclosure and conduct protections.
What this means for stablecoin choice. A single-currency-pegged stablecoin offered in the EEA must be issued by an authorised credit institution or EMI. Non-EU-issued stablecoins serving EEA residents face the same MiCA constraints; trading platforms operating in the EEA have re-listed only MiCA-compliant single-currency stablecoins after the Title IV entry into force.
Where do we see this in the public record?
| Example | What it shows |
|---|---|
| Issuer eligibility | Authorised credit institutions and electronic money institutions only |
| Redemption right | At par value, at any time (Article 49) |
| White paper requirement | Article 51 - published before public offer |
| Effective date | 30 June 2024 (Title IV) |
What else do users ask about this?
Is USDC an EMT in the EU?
USDC is issued by Circle, which holds an EMI authorisation in France. Under MiCA's framework, USDC is treated as an e-money token issued by an authorised EMI for EU purposes.
Why did Binance delist USDT in the EU in 2025?
USDT (Tether) references the US dollar (a single official currency) and is therefore an EMT under MiCA. Its issuer Tether did not have an EU EMI or credit-institution authorisation, so under MiCA Title IV it could not be publicly offered in the EU. Trading platforms operating in the EEA delisted USDT spot pairs in response.
Are EMTs subject to MiCA's ongoing supervision?
Yes. EMT issuers continue to be subject to MiCA's transparency, complaints-handling and conduct rules, in addition to the underlying credit-institution or EMI prudential regime.
Which sources is this entry based on?
- MiCA Article 3 - Definitions including EMT
- MiCA Title IV (Articles 48-58) - EMT regime
- Directive 2009/110/EC (Electronic Money Directive)
- EBA - MiCA stablecoin landing page
Glossary entries on The Crypto Register are sourced from primary legal texts (Regulation (EU) 2023/1114, ESMA guidelines, national regulator publications). They are not legal advice. Last verified .