Which stablecoins are MiCA-compliant? The July 2026 list

As of early July 2026, 21 issuers hold MiCA authorization to issue e-money tokens across 12 EU countries, and the widely used authorized stablecoins are Circle’s USDC and EURC, Société Générale-FORGE’s EURCV, Paxos Issuance Europe’s USDG, Quantoz Payments’ EURQ and USDQ, StablR’s EURR, Banking Circle’s EURI, and Membrane Finance’s EUROe. USDT is not on the list, and that single absence has reshaped how institutional payments route through Europe.

The authoritative source is ESMA’s public MiCA register, updated as national authorities grant authorizations. Treat every published list, including this one, as a dated snapshot: the register added two issuers between March and July 2026 alone.

The list, as of July 2026

Issuer	Token(s)	Currency	Authorized from
Circle Mint Europe SAS	USDC, EURC	USD, EUR	France
Société Générale-FORGE	EURCV	EUR	France
Paxos Issuance Europe OÜ	USDG	USD	Finland
Quantoz Payments BV	EURQ, USDQ	EUR, USD	Netherlands
StablR	EURR	EUR	Malta
Banking Circle S.A.	EURI	EUR	Luxembourg
Membrane Finance Oy	EUROe	EUR	Finland

These are the most established names among the 21 authorized issuers; the remainder are smaller and largely euro-denominated. Two patterns stand out. First, the dollar tokens that matter in EU corridors are issued by entities domiciled inside the EU: USDC from France, USDG from Finland. Second, euro tokens now come in bank-issued (EURCV, EURI) and fintech-issued (EURC, EUROe, EURQ) varieties, an early version of the wider contest between bank money and e-money playing out in tokenized deposits.

What authorization actually requires

MiCA classifies single-currency stablecoins as e-money tokens, and an EMT issuer must be an authorized credit institution or e-money institution in a member state. Authorization brings the full package: reserves backing every token one-for-one, held in segregated, high-quality assets with a portion in bank deposits; redemption at par, on demand, free of charge; a compliant white paper; governance and own-funds requirements; and no interest paid to holders. Tokens that grow large enough to be designated significant come under European Banking Authority supervision with tighter reserve and interoperability requirements.

The point institutions sometimes miss: authorization attaches to the issuer and token, not to the payment. The exchanges, brokers, and payment firms handling the token need their own authorizations, the Travel Rule applies to transfers, and sanctions screening obligations sit with every regulated participant in the chain.

What happened to USDT

Tether did not seek MiCA authorization and has said it does not intend to, and as enforcement tightened, major exchanges delisted USDT for EEA users. The result is a clean split between the global market, where USDT remains the largest stablecoin by supply, and the EU perimeter, where authorized tokens carry the institutional flow. For treasury and payments teams the operational answer is unglamorous: EU corridors run on the authorized list, non-EU corridors follow their own jurisdictions’ rules, and the difference is encoded per corridor. The full cross-jurisdiction picture is in our stablecoin regulation map.

How institutions should route EU corridors

Three practical rules follow from the register. Use authorized tokens for any EU-touching leg; USDC and EURC carry most of that flow today. Prefer the currency that minimizes FX legs, which increasingly means EURC or a bank-issued euro token for intra-EU flows rather than a dollar round-trip. And treat the list as live: authorizations land monthly, significant-token designations can change obligations, and a corridor policy written in January is stale by July. A token whitelist in a document cannot keep up; a policy evaluated at the moment of settlement can.

Where Frame fits

Frame is the settlement layer for global finance: one integration to orchestrate payments at scale across fiat rails, stablecoins, and tokenized deposits, with compliance enforced on every transaction and settlement in seconds instead of days.

The MiCA register is a moving list, and Frame is built for moving lists. Frame is rail-neutral and, within the stablecoin rail, coin-neutral: EU corridors can be governed by a policy that requires MiCA-authorized tokens, prefers euro-denominated ones for intra-EU legs, and falls back to fiat rails where no authorized token fits. Frame’s Rules Engine evaluates each transaction against that policy inside settlement, so a transfer that would ride a non-authorized token in a governed corridor simply does not settle, and every settled payment carries verifiable evidence that its conditions were met. When the register changes, the policy changes with it; the integration does not.