EU CRYPTO REGISTER · GLOSSARY · LAST VERIFIED
What is Title IV of MiCA?
Title IV of MiCA (Articles 48-58) regulates the issuance of E-Money Tokens - single-currency-pegged stablecoins. Title IV entered force on 30 June 2024. EMTs may only be issued by authorised credit institutions or electronic money institutions.
What is the exact legal definition?
MiCA Title IV governs EMT issuance, public offering, white-paper publication, redemption at par value, and conduct rules. Article 48 restricts EMT issuance to authorised credit institutions or EMIs. Source: Articles 48-58 MiCA.
What does it actually mean in practice?
EMTs in the EU. A single-currency-pegged stablecoin offered to the public in the EEA is an EMT under MiCA. Issuance requires either a credit-institution authorisation (banking licence) or an EMI authorisation under EMD2. Trading platforms operating in the EEA list only EMTs whose issuers meet these criteria.
White paper and redemption. Article 51 mandates a white paper for any EMT before public offer or trading admission. Article 49 establishes the holder's right to redeem at par value, at any time, from the issuer.
The 31 March 2025 milestone. Title IV entered force on 30 June 2024. By 31 March 2025, multiple EEA-operating exchanges had delisted spot pairs of EMTs whose issuers lacked EU EMI or credit-institution authorisation. The most prominent affected stablecoin was USDT, issued by Tether (no EU EMI authorisation). MiCA-compliant alternatives (USDC, EURI, etc.) remained.
Significant EMTs. Article 56 triggers a 'significant' designation for EMTs above specified thresholds, with enhanced EBA supervision. Significant EMTs may face additional restrictions, including caps on circulating supply if they exceed monetary-stability thresholds.
Where do we see this in the public record?
| Example | What it shows |
|---|---|
| Effective date | 30 June 2024 |
| Issuer eligibility | Credit institution or EMI authorisation required |
| Redemption right | Article 49 - at par value, at any time |
| EEA delisting wave | 31 March 2025 (USDT, FDUSD, DAI and others on multiple exchanges) |
What else do users ask about this?
Why was USDT delisted in the EU?
USDT 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 Title IV it could not be publicly offered in the EU. Exchanges delisted spot pairs in response.
Is USDC available in the EU?
Yes. Circle holds an EMI authorisation in France, so USDC may be publicly offered in the EU under MiCA Title IV.
Are EMT issuers regulated by ESMA or by EBA?
Day-to-day authorisation and supervision sits with the home Member State NCA. The EBA supervises 'significant' EMTs above the Article 56 thresholds.
Which sources is this entry based on?
- MiCA Title IV (Articles 48-58)
- Directive 2009/110/EC (EMD2)
- EBA - MiCA stablecoin landing page
- Regulation (EU) 2023/1114 (MiCA) on EUR-Lex
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 .