MICA-EMT

MiCA EMT Electronic Money Token fiat-pegged.

Definition

EMT vs ART distinction critical MiCA: (1) EMT (Electronic Money Token) references single fiat currency (USDC USD only, EURC EUR only) + obligation issuer EMI (Electronic Money Institution) status prerequisite + EMD 2009 integration (less strict than ART in some aspects), 100% reserve assets mandatory EU credit institutions, redemption at par any time mandatory. (2) ART (Asset-Referenced Token) references basket multiple currencies/commodities/crypto + specific MiCA NCA authorisation prerequisite obligation + reserve assets 100% possibly including liquid diversified assets. EMT example: USDC (Circle, France AMF + Germany BaFin authorisation 2024), EURC (Circle EUR-pegged), EURT (Tether EUR-pegged stopped EU 2024 no MiCA license). Significant EMT (>$5M outstanding, >10M users, >$25M transactions/year etc.) impose EBA + ECB supervision + user transaction caps usage. Tether USDT non-MiCA-compliant: de-listed EU CEXes 30 June 2024 (Coinbase, Kraken, Binance EU).

Origin

MiCA Regulation EU 2023/1114 published 9 June 2023 ; EMT Title IV effective 30 June 2024 ; EMD 2009/110/EC integration.

Example in context

Circle launches USDC under MiCA EMT (after Banque de France AMF + BaFin Germany authorisation) July 2024: 100% reserve cash USD deposits BNY Mellon + US Treasuries + EU government bonds, daily reporting transparency, redemption $1 at par any time.

Related terms

• MiCA ART — sister category.