The number of authorised e-money token issuers under MiCA grew 50% in a year — from 14 to 21 — with France pulling decisively ahead of every other jurisdiction. ESMA register data shows who issues Europe's regulated stablecoins, from Circle and Société Générale to Iceland's Monerium.
Published: July 2026 · Data as of 16 July 2026 · Reading time: ~7 minutes
Key Takeaways
- 21 issuers of e-money tokens (EMTs) are authorised in the EEA as of July 2026, up from 14 in July 2025, with 41 EMT white papers on file.
- France is the EMT capital of Europe: 6 issuers under ACPR supervision — including Circle, Société Générale-Forge and CACEIS — twice as many as any other jurisdiction.
- The issuer base has spread from 9 to 12 countries, now including Poland (KNF-supervised StaBillon) and Iceland (Monerium).
- 18 of 21 issuers are electronic money institutions; only 3 are credit institutions — Europe's regulated stablecoins are being built mainly by fintechs, not banks.
- Only one issuer relies on the Article 48(4)/48(5) exemptions, confirming full authorisation as the industry standard.
From Pilot Phase to Market Structure
E-money tokens — MiCA's category for stablecoins referencing a single official currency — were the first part of the regulation to apply, in June 2024. Two years on, the register maintained by ESMA and the EBA shows a market that is small by headcount but increasingly strategic.
Twelve months of register snapshots show measured, steady growth: 14 issuers in July 2025, 17 by early November, 20 by late February 2026, and 21 today. White papers grew faster — from 25 to 41 — because established issuers keep adding tokens and versions: Quantoz Payments alone has six white-paper entries, AllUnity and Paxos Issuance Europe four each.
The Geography: Paris Pulls Away From the Pack
| Country | Issuers | Supervisor | Notable issuers |
|---|---|---|---|
| France | 6 | ACPR | Circle, Société Générale-Forge, CACEIS, Oddo BHF |
| Lithuania | 2 | Bank of Lithuania | BLUE EMI LT, Newrails |
| Luxembourg | 2 | CSSF | Banking Circle, AIEU Services |
| Malta | 2 | MFSA | StablR, Stable Mint |
| Netherlands | 2 | DNB | Quantoz Payments, Fiat Republic |
| Czechia, Germany, Denmark, Finland, Iceland, Latvia, Poland | 1 each | national NCAs | AllUnity (DE), Paxos (FI), Monerium (IS), StaBillon (PL) |
A year ago the register was a tight cluster: France led narrowly with 3 of 14 unique issuers, trailed by the Netherlands, Malta and Lithuania on 2 each. Today France leads outright with 6 of 21 issuers (29%) — twice the count of any other country. The French cohort is also qualitatively distinctive: it pairs the EU arm of the world's largest regulated stablecoin issuer (Circle) with entities of major banking groups (Société Générale-Forge, CACEIS, Oddo BHF). Paris has become the place where traditional finance issues stablecoins.
The broadening tail matters too. Poland's KNF joined the register in late 2025 (StaBillon), Latvia's Latvijas Banka issued its first EMT authorisation in 2026, and Iceland's Monerium extends the register's reach to the EEA's north-west corner. Twelve jurisdictions now host at least one issuer — regulated euro-token issuance is no longer a three-country affair.
Fintechs First, Banks Second — For Now
The register records each issuer's underlying authorisation: 18 electronic money institutions versus 3 credit institutions. MiCA deliberately reused the e-money framework for EMTs, and the data shows fintech EMIs have been quickest through the door.
But the bank contingent is high-signal: Société Générale-Forge (the group's digital-asset arm and issuer of EURCV), CACEIS and Oddo BHF represent systemically established institutions issuing tokens under full prudential supervision. Combined with AllUnity — the Frankfurt-based venture backed by DWS and partners — the register suggests the second wave of EMT issuance will be increasingly institutional.
Exemptions Stay Rare, White Papers Multiply
Only one issuer — Czechia's Payment Corporation SE (Stable Labs) — operates under the Article 48(4)/48(5) exemptions, using the limited-network exception for a closed ecosystem token. The other 20 issuers hold full authorisation: the exemption route has remained a curiosity, not a loophole.
Meanwhile the ratio of white papers to issuers (41 to 21) is quietly telling. Multi-token strategies are becoming normal: a single issuer covering EUR and USD tokens, or issuing across multiple blockchains with updated disclosure documents. The EMT market is deepening product-by-product even where the issuer count moves slowly.
Why the EMT Register Matters Beyond Its Size
1. Payments infrastructure is at stake. EMTs are the only MiCA category usable as a true means of payment at scale. The 21 authorised issuers are competing to become the settlement layer for European on-chain payments. 2. The euro-stablecoin question. With global dollar-stablecoin dominance, the register documents Europe's attempt to build credible euro-denominated alternatives under bank-grade rules. 3. A benchmark for AMLA-era compliance. As the EU's new anti-money-laundering authority (AMLA) becomes operational, regulated EMT issuers — with full authorisation, redemption rights and reserve requirements — are positioned as the compliant on-chain money rail.
Frequently Asked Questions
What is an e-money token (EMT) under MiCA? A crypto-asset that maintains a stable value by referencing one official currency — the regulated European equivalent of a single-currency stablecoin. Issuers must be authorised as electronic money institutions or credit institutions.
How many EMT issuers are authorised in the EU in 2026? 21 issuers across 12 EEA countries, with 41 EMT white papers on file, as of 16 July 2026.
Which country has the most EMT issuers? France, with 6 authorised issuers supervised by the ACPR — including Circle and Société Générale-Forge.
Are banks issuing stablecoins under MiCA? Yes, but they are a minority: 3 of 21 issuers are credit institutions. Most issuers are specialised electronic money institutions.
Sources
- EBA — Asset-referenced and e-money tokens (MiCA)
- ESMA — Markets in Crypto-Assets Regulation (MiCA), interim register
- Regulation (EU) 2023/1114 (MiCA) — EUR-Lex
- AMLA — EU Anti-Money Laundering Authority
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Analysis based on ESMA's interim MiCA register (EMT white papers file), snapshots from 11 July 2025 through 16 July 2026. Issuer counts are unique legal entities; white-paper counts are register entries.
Disclaimer: This article is provided for general information and analytical purposes only. It does not constitute legal, regulatory, investment, tax or any other form of professional advice, and it should not be relied upon as such. While we strive for accuracy, the underlying registers are updated frequently and figures may have changed since the stated data date. Always verify current information directly with official sources (ESMA, the EBA, the European Commission, and national competent authorities) before making any decision. MICA Watch accepts no liability for any loss or damage arising from the use of this content.