Which stablecoins are MiCA compliant? The full EU list

Key takeaways:

• ESMA’s register held 50 white papers for 45 distinct entries from 25 issuers on November 10, 2026. By name, 23 track the euro and 12 the US dollar.
• The MiCA compliant stablecoins that DefiLlama tracks add up to about $74.1 billion, or 25.2% of all stablecoins, and USDC alone is 95% of that. USDT, at $176.2 billion, has no entry.
• A listing means the issuer is authorized and has notified a white paper. Regulators don’t approve the paper itself, and every French entry in ESMA’s file carries a note of “ongoing additional review”.

A stablecoin can be sold to the public in the European Union only if its issuer meets two tests in MiCA, the EU’s crypto law. The European Securities and Markets Authority (ESMA) publishes the result as a spreadsheet, and that file is the only list of MiCA compliant stablecoins that counts.

We downloaded it on November 10, 2026, matched every row to the token it describes, and checked each issuer’s own white paper for the currency and the blockchains.

What makes a stablecoin MiCA compliant

MiCA calls a stablecoin that tracks one official currency an e-money token, or EMT, and treats it as electronic money. Article 48 of the regulation sets the two tests. The issuer has to be authorized as a credit institution or an electronic money institution, and it has to notify a white paper to its national regulator and publish it.

Two more rules come with the label. Holders can redeem their tokens from the issuer “at any time and at par value” under Article 49, and Article 50 bars both issuers and crypto platforms from paying interest on them.

The white paper part is often misread. Under Article 51(11), issuers notify the paper at least 20 working days before publishing it, and regulators “shall not require prior approval”. A line in the ESMA register therefore tells you the issuer holds a license and filed the paper. It doesn’t tell you a regulator checked every claim in it.

Stablecoins that track a basket or other assets fall into a second category, asset-referenced tokens. ESMA’s file for their issuers had no entries at all on November 10, so every MiCA stablecoin today is an e-money token.

All MiCA compliant stablecoins in ESMA’s register

Merge the version updates and the 50 rows boil down to 45 distinct entries, the same number of e-money tokens the European Banking Authority counted in an October 14 press release. Many rows don’t name their token, so we opened each issuer’s white paper or website to match them, and four couldn’t be confirmed that way.

Euro tokens

Twenty-three entries carry a single euro token, from Circle’s EURC to one that only works on one company’s platform. Dates are when the white paper was notified, as ESMA’s file records them.

France supplies six of these, more than any other country, and four of the euro tokens come from banks rather than e-money firms.

Dollar and other currencies

The other 22 entries cover the US dollar, sterling, the Swiss franc, several other EU currencies and two issuers that list several tokens under one entry.

The dollar side is thinner than its share of the market suggests: apart from USDC and USDG, most of these tokens have little or no supply tracked by DefiLlama.

Not everything here is a coin you can buy on an exchange. Five tokens work only inside a closed network or a single platform, five more are for wholesale or institutional clients, and EUROe is winding down, with its issuer taking redemptions but minting nothing new. Four entries, eUSD, ENUSD, RONQ and Bridge’s EURR, couldn’t be matched to a white paper we could open.

How much of the stablecoin market that covers

Most of the 45 entries are tiny, so the MiCA compliant stablecoins that matter for payments are a short list. DefiLlama’s stablecoin data tracks 15 of them, so we took their circulating supply on November 10, 2026 and converted the euro tokens at the European Central Bank’s reference rate of $1.1193 from November 9.

USDC carries the list almost on its own. Its figure is global, because the token is issued in the EU by Circle’s French company and in the United States by Circle Internet Financial, LLC, as the EBA’s release notes. The euro tokens together come to about €814 million, and that is nearly the whole euro stablecoin market, since DefiLlama tracked about €853 million of euro stablecoins in total.

Totals like these move quickly. In the week to November 7 alone, total stablecoin supply shrank by $6.6 billion, the sharpest weekly fall this year.

Who issues them, and from where

The 50 rows come from 25 issuers in 14 countries of the European Economic Area. Twenty are electronic money institutions, four are banks (Oddo BHF and CACEIS in France, Banking Circle in Luxembourg and Bison Bank in Portugal), and one row, Bridge Building in Luxembourg, gives no license type.

France has the most issuers, six, while the Netherlands has the most white papers, ten, six of them from Quantoz Payments. The pace is picking up as well. Issuers notified 12 white papers in 2024, 17 in 2025 and 21 between January and September 22, 2026, the date of the newest entry.

Size brings closer supervision. On October 14, 2026, USDC became the first token the EBA placed in the significant e-money token category, and from November 12 the authority takes over supervision of USDC’s reserves, own funds, liquidity and its recovery and redemption plans from France’s ACPR, which keeps areas such as governance.

What isn’t on the list

Some of the biggest dollar stablecoins have no entry. We searched ESMA’s file on November 10 for the companies behind them and found none of Tether, PayPal, Ripple, World Liberty Financial, Sky or Ethena. Paxos appears, but only through its Finnish unit, Paxos Issuance Europe, which issues USDG. PayPal’s PYUSD, also issued by Paxos, has no EU white paper in the file.

No entry means no authorized issuer has notified an EU white paper for those coins, so EU platforms aren’t supposed to offer them for trading. Whether a token with no issuer at all, such as DAI, counts as an e-money token is a classification question, and ESMA tells platforms to ask their national regulator “in case of doubt”.

What happened to USDT on EU platforms

ESMA spelled out the consequences in a public statement on January 17, 2025. Trading platforms were expected to stop offering stablecoins whose issuer isn’t authorized in the EU, and national regulators were told to enforce that “no later than the end of Q1 2025”.

The statement set two steps. Services that help clients buy a non-compliant stablecoin were to be restricted by the end of January 2025, while platforms could keep a “sell only” option until the end of March so customers could get out.

Holding and moving those coins was never banned, since ESMA wrote that “mere custody and transfer of these crypto-assets should remain possible”. The firms that may offer crypto services in the EU sit in a separate file, which we covered in our list of MiCA-licensed crypto firms.

Holding USDT in the EU today

Nothing in MiCA stops you from keeping USDT in your own wallet or sending it to someone else. The change is on the platform side, where ESMA expected EU firms to stop offering it for trading and to stop helping clients buy it.

ESMA also warned that holding a non-compliant stablecoin can mean “worse execution conditions” later, because fewer EU platforms will trade it. If you hold USDT for payments in the EU, that’s the practical cost to plan for.

How to check a stablecoin yourself

ESMA updates its spreadsheet as regulators send in changes, so any MiCA stablecoin list, ours included, goes out of date. Checking the source takes five minutes.

1. Open ESMA’s MiCA page and download the e-money token file, EMTWP.csv.
2. Search the issuer’s legal name, not the ticker, because many rows don’t name the token.
3. Read the license type and the white paper date in the same row.
4. Open the linked white paper and confirm it names the token, the currency and the network you plan to use.
5. Check the comment column for notes such as a limited network or a review in progress.

Two details trip people up. The ticker EURR belongs to two different issuers on this list, StablR in Malta and Bridge Building in Luxembourg, and some issuers list tokens they haven’t minted yet, so a white paper alone doesn’t prove a coin is in circulation.

Frequently asked questions

Is USDC MiCA compliant?

Yes. Circle Internet Financial Europe, an electronic money institution in France, notified USDC’s white paper on July 1, 2024, according to ESMA’s file. Holders can redeem it from Circle at par, and the white paper names 36 networks it runs on. In the US, PNC Bank began accepting USDC payments for corporate clients on November 9.

Is USDT MiCA compliant?

No. Tether has no authorized EU issuer and no white paper in the ESMA register, so EU platforms were expected to stop offering USDT for trading by the end of March 2025. Holding it isn’t banned, though. You can keep it in your own wallet and send it, since ESMA’s 2025 statement says custody and transfer “should remain possible”.

Does a MiCA listing mean a stablecoin is safe?

No. A listing shows the issuer holds a license and has notified a white paper, which regulators don’t approve in advance. It does give you rights an unlisted token doesn’t, above all redemption at par from the issuer at any time under Article 49, so it’s worth knowing which coin you hold.

Can a MiCA stablecoin pay interest?

No. Article 50 forbids issuers from granting interest on e-money tokens, and it also stops crypto platforms from paying interest on them as part of their services. Any reward tied to how long you hold the token counts as interest under the same article.

How often does ESMA update the list?

ESMA says its interim register is “updated and (re)published at regular intervals” and reflects what the national regulators report to it. It planned to fold the files into its own IT systems by mid-2026, yet on November 10 the register was still a set of CSV files. The e-money token file was identical on November 8 and 10, and its newest entry dates from September 22, 2026.