MiCA-Compliant Stablecoin Tracker — EU-Authorised Issuers & Supply

Last updated: 19 Sep 2026 · Source: live DefiLlama + ESMA EMT register · +$1.2B supply since last refresh

A compliance-first view of the stablecoin market: not another market-cap list, but which stablecoins are MiCA-authorised to operate in the EU (e-money tokens, per the ESMA register) and which are not — read against live circulating supply. The headline: most supply is USD coins, the largest of which (USDT) is not EU-authorised, while the compliant supply is almost entirely USDC.

Supply is pulled live from the DefiLlama Stablecoins API and refreshed automatically; “EU-authorised (EMT)” is mapped against the ESMA register of authorised e-money token issuers. Supply figures are each token's global circulating supply; “EU-authorised” means the token is eligible to be offered to EU clients (its issuer holds an EU EMT / e-money authorisation), not the share issued under the EU licence. The commentary below is our own interpretation, not part of either source.

1 · The market in numbers

Our read: EU-authorised (EMT) stablecoins are roughly $75.2B of the $313.9B total (~24%) — compliance, not market cap, is the real divide: the biggest coin is unauthorised in the EU, while almost all the compliant supply is a single coin (USDC).

2 · EU-authorised stablecoins (MiCA EMT)

Our read: the EU has 24 authorised EMT issuers and 0 ART issuers — every euro stablecoin with real supply is issued by an EU-authorised e-money institution (Circle, Société Générale–FORGE, Banking Circle, Membrane, Quantoz, Monerium). The route is EMT; ART (asset-referenced) issuers remain at zero.

3 · The largest stablecoins — EU-authorised?

Our read: USDT (~$183.2B, ~58% of all supply) is not EU-authorised — the largest stablecoin is not EU-compliant: USDT was delisted from EU venues for lack of MiCA authorisation. Among the giants, only USDC (Circle's EU EMT) clears the bar.

4 · EMT vs ART — what it means

Under MiCA, a fiat-backed stablecoin is an e-money token (EMT) — issuance is reserved for authorised EMIs / credit institutions with a white paper. An asset-referenced token (ART) (basket- or commodity-backed) carries the strictest capital, reserve and governance bar; no ART has been authorised. To serve EU users a stablecoin must hold an EMT authorisation — or exit the market, as USDT did from EU venues.

Our read: if you're issuing a euro (or EU-facing) stablecoin, you're almost certainly on the EMT path — see for stablecoin issuers. We scope the EMI authorisation, reserves/safeguarding and the treasury underneath.

Related briefings: Stablecoins · MiCA — or browse all regulatory briefings.

Issuing or distributing a stablecoin into the EU? We map the EMT authorisation, reserves and safeguarding, and the treasury & banking layer underneath. Book a 30-min call.

Methodology & sources

• Supply data: DefiLlama Stablecoins API — each token's global circulating supply across chains, shown as USD-equivalent (not the EU-issued share); fetched live and refreshed automatically.
• “EU-authorised (EMT)” is determined from the ESMA register of authorised EMT issuers (and the e-money authorisations behind them); the table tracks the named EU issuers by token. ART issuers per ESMA = 0.
• Indicative reference data, not legal or financial advice. A token's authorisation status and supply can change — verify against the ESMA register and the issuer's disclosures before relying on it.
• Sources: DefiLlama Stablecoins API (defillama.com ↗) · ESMA register (esma.europa.eu ↗).