EMT (e-money token / euro stablecoin)
A MiCA-regulated stablecoin: issued only by credit institutions or EMIs, reserves held in EU banks, redeemable at par - the supervised European alternative to USDC and USDT.
An e-money token is MiCA's answer to "trust me" stablecoins: the issuer must be a licensed credit institution or EMI, reserves are safeguarded in EU credit institutions, and holders can always redeem 1:1.
Live European examples: EURCV (SG-FORGE), EURe (Monerium), EURQ (Quantoz), EURR (StablR), EUROP (Schuman Financial), EURI (Banking Circle). Euro-denominated, EEA-supervised - no US CLOUD Act exposure in the issuing chain.
Primary source: Regulation (EU) 2023/1114 (MiCA)
In the verified data
- 9 live issuers in the catalogue hold a confirmed MiCA EMT authorisation: 7 European-controlled (AllUnity, Banking Circle, Monerium, Quantoz Payments, Schuman Financial, Société Générale-FORGE and StablR) and 2 EEA subsidiaries of US groups (Circle and Paxos Issuance Europe).
- Tokens that are being wound down are left out of this count - which euro stablecoins live, and which ended.
Recomputed from the catalogue and the official EBA, ESMA and FCA registers on every build — how we verify.
Questions to ask a provider
- Which credit institution or e-money institution issues the token, and under which authority?
- Where are the reserves held, and how often are attestations published?
- What are the redemption terms - at par, fees and timelines?