---
title: "Euro stablecoins: what they are, which exist and what MiCA requires to issue and use them"
url: "https://www.unknowngravity.com/en/articulos/euro-stablecoin-mica"
site: Unknown Gravity
published: "2026-08-13T06:40:02+00:00"
modified: "2026-08-13T06:40:02+00:00"
language: en-US
description: "A euro stablecoin is an e-money token (EMT) under MiCA: it represents euros redeemable at par at any time, and in the EU only authorised credit institutions or e-money institutions may issue one."
section: "Home > Cryptocurrencies and tokens > Euro stablecoins: what they are, which exist and what MiCA requires to issue and use them"
---

# Euro stablecoins: what they are, which exist and what MiCA requires to issue and use them

**A euro stablecoin is an e-money token (EMT) under MiCA: it represents euros redeemable at par at any time, and in the EU only authorised credit institutions or e-money institutions may issue one.** After years of absolute dollar dominance, the tokenized euro finally has regulated supply — and serious corporate use cases.

## What an EMT actually is

MiCA classifies stablecoins referencing a single official currency as *e-money tokens* (Title IV): the issuer must be authorised, hold segregated liquid reserves and guarantee **redemption at par, at any time, free of charge**. That is the difference between a regulated [stablecoin](/en/glosario/stablecoin) and a promise: the first has an identified issuer that answers for it; the second trades at a discount the day doubts appear. European platforms have progressively delisted non-compliant stablecoins.

## What exists today

The most visible regulated references are **EURC** (Circle, issued under an e-money institution authorisation in France) and **EURCV** (SG-FORGE, Societe Generale group), alongside specialised issuers with European authorisation. Volumes remain a fraction of dollar stablecoins — which means a market still being built, not a market that does not exist.

## Stablecoin, tokenized deposit and digital euro are not the same thing

Three things get conflated daily. An **EMT** is issued by a private entity against reserves. A **tokenized deposit** is an ordinary bank deposit represented on a DLT: it stays on the banks balance sheet and under its regime. And the **digital euro** would be a [CBDC](/en/glosario/cbdc) — central bank money — which the ECB keeps in preparation phase, with no issuance decision taken. For a company, today, the operational options are the first two.

## What companies use them for

The strongest use case sits in tokenized markets: **delivery-versus-payment (DvP) settlement** of tokenized securities, where the asset token and the money token change hands in the same transaction — no counterparty-risk windows. Beyond that: 24/7 operational treasury, cross-border B2B payments without correspondent banks, and programmable payments. It is the money leg that completes a [regulated tokenization platform](/en/articulos/regulated-tokenization-platform).

## What MiCA requires to use them

Issuing one requires credit-institution or e-money authorisation; **offering services around them** (custody, exchange, transfer) falls inside the CASP perimeter we explain in our guide to the [CASP licence in Spain](/en/articulos/casp-license-spain-mica). For a corporate user, minimum diligence is verifying that the issuer is authorised and that the token is redeemable at par by contract, not by custom.

## Where it fits in your project

If you are designing an issuance or a platform and the question is how the money moves — subscription, coupons, settlement — that decision belongs to the structuring phase, not the end. It is part of what we solve in [asset tokenization](/en/servicios/tokenizacion-activos); [book a call](/en/meeting) to walk it with your case.