MiCA now has 21 approved stablecoin issuers and 270+ CASPs

One week after MiCA’s full entry into force in all 27 EU member states, ESMA’s interim register shows clear growth. The number of approved E-Money Token (EMT) issuers now stands at 21, spread across 12 countries, and the number of registered crypto-asset service providers (CASPs) exceeds 270. Yet one category remains notably empty: no issuer of Asset-Referenced Tokens (ARTs) has yet received a licence.

Patrick Hansen, EU Strategy and Policy Director at Circle, shares an overview based on the ESMA register. For more context on MiCA and other crypto legislation in Europe, also check the latest regulation news.

More countries, more tokens, more currencies

Compared to March 2026, the ecosystem is growing steadily. Back then there were 19 EMT issuers from 11 countries; now there are 21 and 12 respectively. Together, these issuers bring 35 different tokens to market. Of these, 19 are pegged to the euro and 9 to the dollar, while the British pound, Polish zloty, Swiss franc, Swedish krona, Czech koruna and Romanian leu are also represented. In total, the register now covers 8 currencies, up from 5 in March.

France leads the list with six recognised issuers, including Circle Internet Financial EU, Société Générale Forge and CACEIS Bank. This confirms the country’s position as a stablecoin hub within the EU, well ahead of the Netherlands and Malta, which each have two issuers. Notably, Tether’s USDT is still absent from the register, meaning this stablecoin is not MiCA-compliant. Of the fifty largest stablecoins by market value, only USDC, USDG and EURC meet MiCA requirements.

Zero ART issuers raise questions about the regulatory framework

Alongside EMTs, MiCA also includes the ART category: tokens whose value is derived from a basket of assets, currencies or other rights such as gold. Two years after the stablecoin rules first came into force, no party has applied for or received an ART licence. Hansen argues that this points to structural barriers in the regulatory framework and calls for the category to be either made workable or completely removed in the upcoming MiCA review.

The growth on the CASP side is, according to Hansen, a success story. With more than 270 registered crypto-asset service providers, the EU is taking a concrete step towards a harmonised crypto market. We previously reported that Binance ceased its services in several European countries after problems with MiCA compliance, showing that the rules also have teeth. More stablecoin news will follow as the MiCA register evolves further.