Not advice. Nothing on this website constitutes financial, investment, legal, tax, or regulatory advice. This guide summarises public regulatory texts for information. It makes no statement on the regulatory status of any Rekord entity or vault. Confirm how MiCA applies to your institution with your own counsel.
Regulation (EU) 2023/1114 (MiCA)[1] gives stablecoins their own titles: Title III for asset-referenced tokens and Title IV for e-money tokens[22]. An institution that holds a stablecoin needs four answers: which kind of token it holds, who may issue it, what the holder can redeem, and who may pay what on it.
What e-money tokens and asset-referenced tokens are
MiCA defines a crypto-asset as "a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology"[2]. Two types of crypto-asset purport to keep a stable value:
- E-money token (EMT). A crypto-asset that "purports to maintain a stable value by referencing the value of one official currency"[2]. An official currency is a currency "issued by a central bank or other monetary authority"[2].
- Asset-referenced token (ART). A crypto-asset that is not an EMT and that purports to keep a stable value "by referencing another value or right or a combination thereof, including one or more official currencies"[2].
A token that references one currency, such as the US dollar or the euro, is therefore an EMT. A token that references a basket of currencies, a commodity or another asset is an ART. MiCA deems e-money tokens to be electronic money[5].
| Rule | E-money token (EMT) | Asset-referenced token (ART) |
|---|---|---|
| Reference | The value of one official currency[2] | Another value or right, or a combination, including one or more official currencies[2] |
| Who may issue | A credit institution or an electronic money institution[5] | An undertaking established in the EU and authorised under Article 21, or a credit institution that complies with Article 17[3] |
| White paper | Notified at least 20 working days before publication, with no prior approval[6] | Approved by the competent authority when a credit institution issues[4] |
| Backing | At least 30% of funds received deposited in separate accounts in credit institutions[8] | A reserve of assets at all times, with an independent audit every six months[7] |
| Redemption | At any time and at par value, with no fee[10] | A right of redemption at all times against the issuer, with no fee[9] |
| Interest | Prohibited for issuers and crypto-asset service providers[12] | Prohibited for issuers and crypto-asset service providers[11] |
| If significant | Classified by the EBA; the EBA supervises e-money institution issuers on Articles 55 and 58[17][19] | Classified by the EBA; the issuer operates under EBA supervision[13][19] |
Who can issue them: authorisation
E-money tokens
Only an issuer that "is authorised as a credit institution or as an electronic money institution" can offer an EMT to the public in the EU or seek its admission to trading[5]. The issuer must notify its crypto-asset white paper to its competent authority "at least 20 working days before the date of their publication", and competent authorities "shall not require prior approval"[6].
The issuer must invest the funds it receives under MiCA rules. At least 30% of the funds received "is always deposited in separate accounts in credit institutions"[8].
Asset-referenced tokens
An ART issuer is either a legal person or other undertaking "established in the Union" and authorised under Article 21 by the competent authority of its home Member State, or a credit institution that complies with Article 17[3]. A credit institution notifies its competent authority "at least 90 working days before issuing the asset-referenced token for the first time", and its white paper needs the approval of that authority[4].
An ART issuer must "constitute and at all times maintain a reserve of assets", and it must mandate "an independent audit of the reserve of assets every six months"[7].
Redemption rights
Holders of ARTs have "a right of redemption at all times against the issuers", and redemption is not subject to a fee[9]. An EMT issuer issues the token "at par value and on the receipt of funds". At the request of a holder, the issuer must redeem it "at any time and at par value", and redemption is not subject to a fee[10].
The interest prohibition: what it does and does not mean for holders
MiCA prohibits interest on both kinds of stablecoin. The rule has the same three parts for each:
- Issuers. Issuers of ARTs "shall not grant interest in relation to asset-referenced tokens"[11]. For EMTs the article starts "Notwithstanding Article 12 of Directive 2009/110/EC", and issuers of EMTs shall not grant interest[12].
- Crypto-asset service providers (CASPs). A CASP "shall not grant interest when providing crypto-asset services related to" these tokens[11][12].
- The definition of interest. "Any remuneration or any other benefit related to the length of time during which a holder" holds the tokens is treated as interest. That "includes net compensation or discounts, with an effect equivalent to that of interest", received "directly from the issuer or from third parties"[11][12].
What the text says, and what it does not
- The prohibition applies to issuers and to CASPs that provide services related to the tokens. The articles name these two groups and no other[11][12].
- The definition is wide. It covers benefits from third parties and discounts with an equivalent effect, not only a payment labelled as interest[11][12].
- A holder that wants to know if a specific arrangement falls within that definition needs a legal analysis of the arrangement. This guide does not make that analysis for any arrangement, including a vault strategy.
Significant tokens
MiCA adds rules for tokens that become large enough to matter to the financial system. Article 43(1) lists seven criteria[13]:
- more than 10 million holders;
- a value, market capitalisation or reserve of assets higher than EUR 5 000 000 000;
- on average more than 2.5 million transactions and EUR 500 000 000 a day;
- an issuer that is a gatekeeper under Regulation (EU) 2022/1925;
- international significance, including use for payments and remittances;
- interconnectedness with the financial system;
- an issuer that issues at least one additional ART or EMT and provides at least one crypto-asset service.
The EBA classifies an ART as significant "where at least three of the criteria set out in paragraph 1 of this Article are met"[13]. The same test applies to EMTs: the EBA classifies an EMT as significant where at least three of the Article 43(1) criteria are met[17]. Commission Delegated Regulation (EU) 2024/1506 specifies criteria (e) and (f)[14]. An applicant ART issuer can also ask for its token to be classified as significant[15].
What changes for the issuer
- Significant ART issuers must have a remuneration policy, allow custody by different CASPs, manage liquidity, run regular liquidity stress tests, and hold own funds of 3% of the average reserve of assets[16]. They operate under EBA supervision[19].
- E-money institutions that issue significant EMTs become subject to Articles 36, 37, 38 and 45(1) to (4) instead of Article 7 of Directive 2009/110/EC[18]. The EBA supervises their compliance with Articles 55 and 58[19].
- The EBA publishes the technical standards and guidelines for these issuers, including guidelines on redemption plans and on recovery plans[20].
On 14 October 2026 the EBA classified USDC as the first significant e-money token in the EU. The EBA stated that 45 EMTs were notified under MiCA at that time, and that USDC will be subject to the dual supervision for significant EMTs from 12 November 2026[21].
Application dates and transitional periods
MiCA entered into force on the twentieth day after its publication in the Official Journal, and some provisions apply from 29 June 2023. Titles III and IV, the rules on ARTs and EMTs, apply from 30 June 2024. The rest of the regulation applies from 30 December 2024[22].
| Date | Event |
|---|---|
| 29 June 2023 | Some provisions apply from this date[22] |
| 30 June 2024 | Titles III (ARTs) and IV (EMTs) apply[22] |
| 30 July 2024 | ART issuers active before 30 June 2024 had to apply for authorisation, or notify if they were credit institutions, before this date to continue under Article 143[23] |
| 30 December 2024 | The rest of MiCA applies, including the rules for CASPs[22] |
| End of January 2025 | ESMA expected CASPs to complete restrictions on services for non-compliant ARTs and EMTs[26] |
| End of Q1 2025 | End of the "sell only" basis, and the date by which ESMA asked national authorities to ensure compliance[26] |
| 1 July 2026 | The latest end of the transitional period for CASPs under Article 143(3)[23][27] |
| 14 October 2026 | The EBA classified USDC as a significant EMT[21] |
| 12 November 2026 | Dual supervision of USDC as a significant EMT starts[21] |
The transitional period for service providers
CASPs that provided services in accordance with applicable law before 30 December 2024 could continue "until 1 July 2026 or until they are granted or refused an authorisation pursuant to Article 63, whichever is sooner". Member States could decide not to apply the transitional regime or to reduce its duration[23].
ESMA noted that Member States had "complete discretion" on this point, so CASPs faced different transitional periods depending on the Member State[24]. ESMA publishes the period that each Member State decided, from 6 months to 18 months[25].
In April 2026, ESMA stated that the transitional period would expire across the EU on 1 July 2026. After that date, an entity that provides crypto-asset services to EU clients without a MiCA licence "will be in breach of EU law and must cease offering such services"[27]. In June 2026, ESMA told unauthorised CASPs to "immediately stop onboarding new EU clients" and to wind down in an orderly way. It also stated that clients of unauthorised CASPs "do not benefit from MiCA safeguards"[28].
Non-compliant stablecoins
In January 2025, ESMA addressed CASPs that offered services for ARTs and EMTs that did not comply with MiCA. It expected the restrictions on existing services to be completed by the end of January 2025. CASPs could keep services on a "sell only" basis until the end of Q1 2025, and "mere custody and transfer of these crypto-assets should remain possible"[26].
Practical points for institutions that use vaults
An institution that deploys stablecoins into a vault strategy can read the rules above as a list of checks on the token and on the providers around it. Each check below restates what the regulation or the regulator says.
- Check the issuer's authorisation. An EMT issuer must be a credit institution or an electronic money institution[5]. An ART issuer must be authorised under Article 21 or be a credit institution that complies with Article 17[3].
- Check the register. The ESMA interim MiCA register lists issuers of ARTs, issuers of EMTs, authorised CASPs and non-compliant entities that provide crypto-asset services[29]. For a token's status, read the register and the issuer's own notice. Circle states that it holds an electronic money institution licence from the French ACPR, and that USDC and EURC are issued in the EU in compliance with MiCA[30].
- Know the redemption right. An EMT holder can redeem at any time and at par value, with no fee[10]. An ART holder has a right of redemption at all times against the issuer[9]. These rights are against the issuer of the token.
- Know who cannot pay interest. Issuers and CASPs cannot grant interest on EMTs or ARTs, and the definition covers benefits from third parties related to the holding period[11][12].
- Check the service providers. Since the end of the transitional period, an entity that provides crypto-asset services to EU clients needs a MiCA licence[27], and clients of unauthorised CASPs do not benefit from MiCA safeguards[28].
Where Rekord fits
Rekord Capital Markets (RCM) operates the vaults and credit strategies. Rekord AG does not hold depositor funds. Rekord is offered to qualified counterparties, and deposits are made in USDC or USDT. The product view is on Rekord Vaults, and the deposit flow for treasuries is on For Stablecoin Holders.
Sources
Article text is cited through the ESMA Interactive Single Rulebook, which reproduces MiCA article by article. The official text is on EUR-Lex[1].
- Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA), official text. EUR-Lex, Official Journal. Accessed Oct 23, 2026.
- MiCA Article 3, Definitions. Art. 3(1), points (5) to (8). Accessed Oct 23, 2026.
- MiCA Article 16, Authorisation. Art. 16(1). Accessed Oct 23, 2026.
- MiCA Article 17, Requirements for credit institutions. Art. 17(1). Accessed Oct 23, 2026.
- MiCA Article 48, Requirements for the offer to the public or admission to trading of e-money tokens. Art. 48(1) and (2). Accessed Oct 23, 2026.
- MiCA Article 51, Content and form of the crypto-asset white paper for e-money tokens. Art. 51(11). Accessed Oct 23, 2026.
- MiCA Article 36, Obligation to have a reserve of assets. Art. 36(1) and (9). Accessed Oct 23, 2026.
- MiCA Article 54, Investment of funds received in exchange for e-money tokens. Art. 54, point (a). Accessed Oct 23, 2026.
- MiCA Article 39, Right of redemption. Art. 39(1) and (3). Accessed Oct 23, 2026.
- MiCA Article 49, Issuance and redeemability of e-money tokens. Art. 49(1), (3), (4) and (6). Accessed Oct 23, 2026.
- MiCA Article 40, Prohibition of granting interest (asset-referenced tokens). Art. 40(1) to (3). Accessed Oct 23, 2026.
- MiCA Article 50, Prohibition of granting interest (e-money tokens). Art. 50(1) to (3). Accessed Oct 23, 2026.
- MiCA Article 43, Classification of asset-referenced tokens as significant. Art. 43(1) and (2). Accessed Oct 23, 2026.
- Commission Delegated Regulation (EU) 2024/1506 of 22 February 2024, criteria for classifying ARTs and EMTs as significant. Recital 1; criteria in Art. 43(1), points (e) and (f). Accessed Oct 23, 2026.
- MiCA Article 44, Voluntary classification of asset-referenced tokens as significant. Art. 44(1). Accessed Oct 23, 2026.
- MiCA Article 45, Specific additional obligations for issuers of significant asset-referenced tokens. Art. 45(1) to (5). Accessed Oct 23, 2026.
- MiCA Article 56, Classification of e-money tokens as significant. Art. 56(1). Accessed Oct 23, 2026.
- MiCA Article 58, Specific additional obligations for issuers of e-money tokens. Art. 58(1). Accessed Oct 23, 2026.
- MiCA Article 117, Supervisory responsibilities of EBA. Art. 117(1) and (4). Accessed Oct 23, 2026.
- EBA, Asset-referenced and e-money tokens (MiCA). RTS, ITS and guidelines on redemption plans and recovery plans. Accessed Oct 23, 2026.
- EBA press release, 14 October 2026: The EBA classifies USDC as the first significant e-money token in the European Union. Classification and supervision from 12 November 2026. Accessed Oct 23, 2026.
- MiCA Article 149, Entry into force and application. Art. 149(1) to (4). Accessed Oct 23, 2026.
- MiCA Article 143, Transitional measures. Art. 143(3) to (5). Accessed Oct 23, 2026.
- ESMA statement on MiCA transitional measures, 17 December 2024 (ESMA75-453128700-1396). Member State discretion under Art. 143(3). Accessed Oct 23, 2026.
- ESMA, List of grandfathering periods decided by Member States under Article 143 of Regulation (EU) 2023/1114. Periods per Member State. Accessed Oct 23, 2026.
- ESMA public statement, 17 January 2025, on the provision of certain crypto-asset services in relation to non-MiCA compliant ARTs and EMTs (ESMA75-223375936-6099). Restrictions, "sell only" basis, custody and transfer. Accessed Oct 23, 2026.
- ESMA statement on the end of transitional periods under MiCA, 17 April 2026 (ESMA75-113276571-1679). Expiry on 1 July 2026. Accessed Oct 23, 2026.
- ESMA public statement, 23 June 2026, on unauthorised crypto-asset service providers as the MiCA transitional period ends (ESMA75-113276571-1710). Onboarding, orderly exit, client safeguards. Accessed Oct 23, 2026.
- ESMA, Markets in Crypto-Assets Regulation (MiCA), including the interim MiCA register. Interim MiCA register, five CSV files. Accessed Oct 23, 2026.
- Circle press release, 1 July 2024: Circle is First Global Stablecoin Issuer to Comply with MiCA, EU's Landmark Crypto Law (issuer communication). EMI licence from the ACPR; USDC and EURC issuance in the EU. Accessed Oct 23, 2026.
This guide is for information only and is not legal advice. Regulatory texts and their interpretation change; read the current sources before you act.