MiCA-compliant stablecoins are crypto-assets whose issuers hold an active authorization under the EU's Markets in Crypto-Assets Regulation, either as an e-money token (EMT) under Title IV or as an asset-referenced token (ART) under Title III. As of late 2025, the authorized list is short: USDC, EURC, EURI, EURCV, and a handful of smaller euro-denominated EMTs from regional issuers. This article catalogs every MiCA-authorized stablecoin, the authorizing authority for each, and the operational implications for service providers and treasury teams that need to choose between them.
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The authoritative tracking source is ESMA's public register of MiCA-authorized issuers, which is updated as national competent authorities grant authorizations and notify ESMA. Issuer-published white papers are available on each issuer's website per Article 8 of MiCA.
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A stablecoin is MiCA-compliant when its issuer has obtained authorization from a national competent authority in an EU member state and the issuer has published a white paper that the home authority has approved. The token can then be offered to the public across the EU under the single-market passport, listed on EU-regulated crypto-asset service providers, and used by EU-domiciled customers without triggering a Title V violation for the listing venue.
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Three signals confirm compliance status:

Tokens whose issuers hold authorization in a non-EU jurisdiction, even one with a comparable framework such as the New York Department of Financial Services trust charter held by Paxos and Circle Internet Financial in the US, are not MiCA-compliant unless the issuer has separately obtained MiCA authorization through an EU subsidiary.
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Circle obtained electronic money institution authorization through the French Autorité de Contrôle Prudentiel et de Résolution in July 2024, becoming the first global stablecoin issuer authorized under MiCA. Circle Mint Europe SAS issues USDC under that authorization, with reserves held primarily in short-dated US Treasuries via the Circle Reserve Fund managed by BlackRock and the cash portion held with custodian banks per MiCA's concentration limits.
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USDC market capitalization passed USD 50 billion in mid-2025, with the EU portion estimated at USD 8 to 10 billion based on transaction-flow analysis from Artemis. USDC is the de facto USD stablecoin for EU-licensed exchanges, custodians, and payment processors, with active integrations on Coinbase, Kraken, Bitstamp, Bitvavo, and dozens of regional venues.
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EURC is Circle's euro-denominated EMT, authorized under the same French EMI license as USDC. EURC market capitalization grew from approximately EUR 50 million in mid-2024 to over EUR 300 million by Q3 2025 as EU venues prioritized euro liquidity in MiCA-compliant tokens. EURC reserves are held with French banking partners and short-dated EU sovereign instruments, segregated from USDC reserves.
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Banking Circle, a Luxembourg-licensed credit institution that operates a wholesale-banking-as-a-service platform, issues EURI under its credit institution authorization. EURI launched on Ethereum and BNB Chain in mid-2024 and added Solana support in 2025. Banking Circle's parent offers EURI as a settlement token integrated with traditional payment rails, positioning EURI for B2B payment use cases. EURI market capitalization was approximately EUR 80 million as of mid-2025.
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Societe Generale-Forge, a regulated subsidiary of Societe Generale, issues EURCV under a French credit institution license. EURCV launched on Ethereum mainnet in 2023 and expanded to Solana, Stellar, and Avalanche in 2024 and 2025. Reserves are held with Societe Generale Banque & Trust and reported via monthly attestation reports published by SG-Forge. The token targets institutional treasury and DeFi liquidity use, with notable integrations on Aave's regulated markets product.
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Several smaller euro-denominated EMTs hold authorization through national competent authorities. Membrane Finance issues EUROe under Finnish FIN-FSA authorization; Quantoz Payments issues EURQ under Dutch DNB e-money institution license; Stasis issues EURS under Maltese MFSA license. Each token serves regional liquidity pockets and is listed on a smaller subset of EU venues than EURC, EURI, and EURCV.
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Tether's euro-denominated EURT stablecoin is not authorized under MiCA. EURT was originally launched in 2018 with reserves held by Tether Limited in the British Virgin Islands and never sought European EMI authorization. Tether announced the discontinuation of EURT in late 2022, well before MiCA's stablecoin rules took effect, citing low adoption rather than regulatory pressure. The supply was redeemed and the token effectively retired by mid-2023.
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Despite EURT's retirement, the broader Tether question remains: USDT, the dollar-denominated and far larger Tether stablecoin, is also not MiCA-authorized. Tether has not pursued EU authorization and has been delisted from major EU-regulated venues including Coinbase, Kraken, Bitstamp, Crypto.com, and Binance for EEA users. Tether's stated position is that the EU regulatory framework imposes structural constraints incompatible with the issuer's existing reserve composition, including a higher cash-deposit floor than Tether's reserves currently maintain.
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For developer teams choosing among MiCA-compliant stablecoins, three operational dimensions matter beyond authorization status:

The practical consequence is that a single stablecoin choice rarely covers all use cases. A treasury team running multi-currency stablecoin balances will typically hold USDC for USD exposure, EURC or EURI for primary euro exposure, and EURCV or one of the regional euro EMTs for specific institutional integrations.
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MiCA requires monthly reserve composition disclosure for non-significant tokens and weekly disclosure for significant tokens. Each authorized issuer publishes a reserve report on a fixed schedule:

The reports name the custodian banks holding cash deposits, the breakdown of reserve assets between cash and short-dated instruments, and the weighted average maturity of the instrument portfolio. EBA's RTS on liquidity also requires daily internal reconciliation between circulating supply and reserve assets, with discrepancies above a de minimis threshold reportable to the home authority.
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Stablecoin orchestration platforms must reflect the authorization status of each token in route logic. A route ending in USDC for an EU customer is a MiCA-compliant settlement; the same route ending in USDT is not, regardless of the chain or transport rail used in transit. Eco tags each stablecoin in its route metadata with MiCA authorization status, alongside the underlying chain and the issuer-side mint capability. Routes that combine non-MiCA stablecoins as the entry asset and MiCA-authorized stablecoins as the exit asset, executed via swap legs along the path, are first-class flows in Eco's API. Developer teams running cross-border payment flows can therefore accept any input stablecoin and deliver a MiCA-authorized output to an EU end-customer, without hand-coding the swap leg per integration.
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Related reading. Related reading in the MiCA cluster: the MiCA pillar overview, MiCA EMTs vs ARTs, and why USDT is restricted in the EU.
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As of late 2025, fewer than 15 stablecoins hold active MiCA authorization, all as e-money tokens. The list includes USDC, EURC, EURI, EURCV, EUROe, EURQ, EURS, and a handful of smaller regional euro tokens. No asset-referenced tokens have been authorized for general public offer at scale.
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Yes. Circle's French EMI authorization carries an EU passport, allowing USDC to be offered in all 27 member states without further national authorization. Each member state's national competent authority can still impose marketing or distribution conditions but cannot block the token.
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Tether discontinued EURT in late 2022, citing low adoption. The token was redeemed and effectively retired by mid-2023, before MiCA's stablecoin rules took effect on 30 June 2024. EURT was therefore never tested under the MiCA framework.
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No. MiCA authorization is a single-market passport. Once granted by any one national competent authority, the token is authorized for offer across all 27 member states. Individual member states retain limited supervisory powers but cannot deny market access to a passported token.
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National competent authorities notify ESMA of new authorizations within 30 working days under MiCA Article 109. ESMA updates the public register on a rolling basis. Issuers are advised to confirm their listing on the ESMA register as part of go-live procedures.
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