CBSR · evidence library
European Union stablecoin regulation evidence | CBSR historical snapshot
Explore 9 European Union stablecoin regulatory records with source locators, issuer pathways, reserve and yield rules, legal-force and review status in the 20 August 2026 CBSR snapshot.
Read this jurisdiction in context
The EU dossier centres on MiCA e-money tokens: authorised issuer types, reserve composition, the holder-interest prohibition, and the non-Member-State-currency means-of-exchange mechanism. The reserve-percentage record expressly retains an unresolved Level-2 pinpoint; it is not a substitute for the relevant RTS text.
Coverage and unresolved review work
Four regulatory questions and their evidence
Issuer pathway
eu-emt-issuer_pathway-001
Snapshot record wording · not a statutory quotation
Issuance of an e-money token is restricted to entities authorized as credit institutions or electronic money institutions; no other entity may issue. An authorizable private token exists.Reserve and backing
eu-emt-reserve_backing-001
Snapshot record wording · not a statutory quotation
MiCA requires EMT reserves to hold at least 60% in bank deposits; ART reserves at least 30% in bank deposits. (Distinct from the US/HK same-currency short-dated-sovereign model.)Permitted activity and yield
eu-emt-permitted_activity_yield-001
Snapshot record wording · not a statutory quotation
MiCA Article 50 imposes a yield ban on EMT holders: holders may not receive interest. The prohibition attaches to the holding of the token, paralleling the US GENIUS §4(a)(11) structure but expressed as a flat ban rather than a 'solely'-qualified one.Monetary sovereignty
eu-emt-monetary_sovereignty-001
Snapshot record wording · not a statutory quotation
For a non-EU-currency EMT, MiCA caps usage as a means of exchange at EUR 200 million per day or 1 million transactions per day (the Article 23 thresholds, applied to significant EMTs via Article 58(3)), measured on a quarterly-average basis. The cap applies only to use as a means of exchange within a single currency area, not to store-of-value use or to trading on crypto-asset venues. A separate reporting obligation triggers at EUR 100 million in issuance value globally. This is the canonical quantitative monetary-sovereignty cap and the clearest instance of Constraint 7.Complete record inventory
| Record / dimension | Recorded source locator | Binding status | Freshness | Source check date |
|---|---|---|---|---|
| Bank and non-bank routing | Issuer prudential status; safeguarding/segregation of reserve assets | in_force_enacted | unknown | Not evidenced |
| Cross-border data | Passporting; data protection and cross-border supervisory cooperation | in_force_enacted | unknown | Not evidenced |
| Disclosure and reporting | White-paper and ongoing disclosure; significant-EMT supervision and reporting | in_force_enacted | unknown | Not evidenced |
| Issuer pathway | Title IV — EMT issuance restricted to authorized credit institutions or e-money institutions | in_force_enacted | unknown | Not evidenced |
| Monetary sovereignty | Art. 58(3) (applying Art. 23 mutatis mutandis to non-EU-currency EMTs) | in_force_enacted | stale | 2026-06-27 |
| Permitted activity and yield | Art. 50 (no interest paid to EMT holders) | in_force_enacted | stale | 2026-06-27 |
| Regulatory authority | Titles III/IV; EBA/ESMA/NCA supervisory architecture | in_force_enacted | stale | 2026-06-27 |
| Reserve and backing | reserve composition set in MiCA + Level-2 RTS; deposit-% pinpoint pending RTS line-read | in_force_enacted | stale | 2026-06-27 |
| Securities classification | Scope — EMT/ART as crypto-assets outside the MiFID II financial-instrument definition | in_force_enacted | unknown | Not evidenced |