MiCA-compliant stablecoins are e-money tokens (EMTs) or asset-referenced tokens (ARTs) whose issuer holds a license under the EU Markets in Crypto-Assets Regulation, which became fully applicable on December 30, 2024 after the stablecoin provisions took effect on June 30, 2024. As of Q1 2026, roughly a dozen issuers have secured authorization across France, the Netherlands, Finland, Malta, Luxembourg, and Germany. This list tracks every authorized stablecoin, the issuer, the supervising authority, license type, and the approximate supply on DeFiLlama.
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Updated May 2026. Verified against the ESMA public registers and the EBA MiCA hub. Issuer status changes weekly during this rollout phase. Where authorization is publicly claimed but not yet listed on a national register, the entry is flagged "pending verification."
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A MiCA-compliant stablecoin is one whose issuer is authorized as either an electronic money institution (for EMTs, single-currency stablecoins) or as a crypto-asset service provider holding an ART license (for multi-asset or commodity-referenced tokens). Authorization carries reserve, redemption, governance, and white-paper requirements. Without it, a token cannot be offered to EU retail users.
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MiCA splits stablecoins into two categories. EMTs reference a single official currency (euro, US dollar, pound). ARTs reference a basket of currencies, commodities, or other crypto-assets. EMT issuance requires an EMI or credit-institution license under existing EU banking law plus a MiCA white paper notification. ART issuance requires a fresh ART authorization from a national competent authority. The consolidated MiCA text in the Official Journal codifies both regimes (Regulation EU 2023/1114, Articles 16 and 48).
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Practical consequence: an EU-resident retail user cannot legally hold or purchase a stablecoin from an unauthorized issuer through a regulated venue. Binance, Coinbase, Kraken, and Crypto.com all delisted USDT for EEA retail users during 2024 and 2025 in response. The ESMA December 2024 statement set the migration deadline.
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The table below summarizes every stablecoin whose issuer holds a published MiCA authorization as of May 2026. Supply figures come from DeFiLlama and refresh daily. License dates reflect the date the issuer publicly announced authorization, cross-checked against the supervising authority's register.

Where a token is not listed above, the issuer either has not applied, is in transitional grandfathering, or has been refused. The transitional period for grandfathered issuers expires July 1, 2026 per Article 143 MiCA.
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Circle was the first major issuer to clear MiCA. Circle Mint Europe SAS received an Electronic Money Institution license from France's Autorité de Contrôle Prudentiel et de Résolution on July 1, 2024, covering both USDC and EURC. This makes Circle the only large-cap USD stablecoin issuer fully cleared for EU retail distribution as of May 2026.
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Circle's July 1, 2024 announcement details the EMI scope. Reserves backing EU-issued USDC and EURC are held in EU credit institutions per MiCA Article 36. Quarterly attestations are published at circle.com/transparency. EURC supply on DeFiLlama trended in the low-to-mid hundreds of millions through Q1 2026.
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EURCV is the euro stablecoin issued by Société Générale-FORGE, the digital-asset subsidiary of French banking group Société Générale. SG-FORGE is registered as a credit institution and electronic money issuer with ACPR, which means it cleared MiCA's EMT requirements through the existing banking-law channel rather than a fresh EMI authorization.
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EURCV settles on Ethereum and was extended to Solana in 2024. The SG-FORGE product page notes the redemption mechanism and reserve composition. EURCV remains a small institutional float; it is positioned for tokenized-asset settlement and corporate treasury rather than retail trading.
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Quantoz Payments BV, a Dutch electronic money institution supervised by De Nederlandsche Bank, received MiCA authorization for two stablecoins in late 2024: EURQ (euro) and USDQ (US dollar). The tokens are issued on Ethereum, with multi-chain expansion planned. Binance was the first major listing venue.
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The DNB December 2024 announcement confirms the EMT authorization. Binance's EURQ / USDQ listing announcement from December 2024 marked one of the first MiCA-routed listings on a major exchange.
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Four additional issuers round out the authorized list. StablR (EURR) operates from Malta under MFSA supervision. Banking Circle (EURI) issues from Luxembourg under CSSF. Paxos (USDG) issues from Finland under FIN-FSA. Membrane Finance (EUROe) transitioned its pre-existing Finnish EMI license to MiCA scope.
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Paxos Issuance Europe OÜ secured its Finnish EMI license in November 2024 and uses it to issue Global Dollar (USDG) for the Global Dollar Network, with Robinhood, Kraken, Galaxy, and Anchorage Digital as initial network members. The Paxos November 2024 announcement details the structure.
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Membrane Finance Oy issues EUROe, which was the first EU-regulated euro stablecoin under the pre-MiCA EMI framework and transitioned to MiCA scope in 2024. Banking Circle SA's EURI is a CSSF-supervised euro EMT distributed primarily through Binance pairs.
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USDT, DAI, USDe, FDUSD, PYUSD, and TUSD all lack MiCA authorization as of May 2026. Tether has stated no intention to pursue MiCA and was delisted by Binance, Coinbase, Kraken, and Crypto.com for EEA retail users. MakerDAO's DAI is decentralized and has no issuer entity to authorize. PayPal USD is US-issued by Paxos Trust and not in scope of the EU EMI subsidiary.
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Coinbase removed USDT for EEA users effective December 13, 2024 per its December 2024 user notice. Binance restricted regulated stablecoin pairs for EEA users in March 2025. The practical consequence: EU-resident retail traders moved float into USDC, EURC, USDG, and the smaller authorized euro tokens.
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An issuer applies to a national competent authority (NCA) in one EU member state for an EMI license under the second Electronic Money Directive, or for an ART authorization under MiCA Article 16. Once granted, the license passports to all 27 EU member states plus Iceland, Liechtenstein, and Norway. The issuer must publish a MiCA-compliant white paper, hold backing reserves at EU credit institutions, and honor redemption at par.
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The supervising authority varies by issuer location. ACPR supervises French issuers (Circle, SG-FORGE). DNB supervises Dutch issuers (Quantoz). FIN-FSA supervises Finnish issuers (Paxos, Membrane). MFSA supervises Maltese issuers (StablR). CSSF supervises Luxembourg issuers (Banking Circle). BaFin supervises German issuers. The EBA maintains the central MiCA register at eba.europa.eu.
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Reserve rules under MiCA Article 36 require that EMT issuers hold at least 30% of reserves in credit institution deposits (60% for "significant" EMTs designated by the EBA). The rest sits in highly liquid sovereign instruments. Redemption at par must be available to any holder at any time.
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Ripple's RLUSD is US-issued under a New York Department of Financial Services trust charter and has signaled MiCA application intent but is not yet authorized in the EU. Sky Protocol's USDS (the rebranded DAI successor) faces the same decentralized-issuer challenge as DAI. Tokenized bank deposits like SG-FORGE's EURCV occupy a separate legal category from EMTs but achieve a similar settlement role.
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For Ripple's MiCA roadmap, see the companion article RLUSD MiCA compliance. For a deeper breakdown of EURC mechanics, see what is EURC stablecoin. For a head-to-head euro comparison, see best euro stablecoins 2026. For Paxos's white-label model behind USDG, see Paxos white-label stablecoin issuer.
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Eco Routes routes stablecoin transfers across chains using an intent-based architecture, settling in USDC, EURC, and other major stablecoins through partner rails including CCTP and Hyperlane. For EU-resident developers building consumer applications, routing through MiCA-authorized tokens is the practical path to retail compliance. Eco's routing engine treats EURC and USDC as first-class assets across all 15 supported chains.
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Sources and methodology. Issuer authorizations cross-checked against the EBA MiCA register and the ESMA public registers. License dates verified against each issuer's press release. Supply figures pulled from DeFiLlama stablecoins in May 2026. Refreshes quarterly; entries flagged "pending" until the supervising authority publishes the listing.
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