What is an asset-referenced token (ART) under MiCA?
An asset-referenced token (ART) is a crypto-asset that stabilises its value by referencing a basket of assets: several currencies, commodities such as gold, crypto-assets, or a mix of them. It is one of MiCA's two regulated stablecoin categories, next to e-money tokens (EMT), which track a single currency. As of 14 October 2026, the official ESMA register lists 0 authorised ART issuers in the EU.
How many ART issuers are authorised in the EU?
No ART issuer has been authorised in the EU yet
As of 14 October 2026, ESMA's interim MiCA register of asset-referenced token issuers contains zero entries. Every regulated stablecoin in the EU so far is an e-money token, not an ART. This page updates automatically when the first ART authorisation appears in the register.
Source: ESMA's interim MiCA register of ART issuers, published by ESMA and re-verified by us against the source file.
How does MiCA define an asset-referenced token?
MiCA defines an ART as a crypto-asset that is not an e-money token and that purports to maintain a stable value by referencing another value or right, or a combination of them, including one or more official currencies. In plain terms: a stablecoin backed by a basket (currencies, gold or other commodities, crypto-assets) rather than by a single currency.
ARTs are regulated by Title III of MiCA, the regulation's strictest regime: authorisation by a national regulator, own-funds requirements, a segregated reserve of assets, redemption rights for holders and an approved white paper. Large ARTs can be designated “significant” and move under EBA supervision.
ART vs EMT: what is the difference?
Both are MiCA's regulated “stablecoin” categories; the difference is what the token references and how it is regulated. Single-currency tokens are e-money tokens (EMT), listed in our MiCA stablecoin list.
| Feature | ART (asset-referenced token) | EMT (e-money token) |
|---|---|---|
| References | A basket: several currencies, commodities (e.g. gold), crypto-assets or a mix | Exactly one official currency (euro, dollar...) |
| Who can issue | A company authorised specifically as an ART issuer, or a credit institution | A licensed e-money institution or a bank |
| MiCA rules | Title III: authorisation, reserve of assets, own funds, approved white paper | Title IV: e-money or banking license plus a notified white paper |
| Examples | None on the EU market yet; gold-backed or basket tokens would fall here | USDC, EURC, EURCV, USDG, EURe and other tokens from 25 authorised issuers |
| Issuers authorised in the EU | 0 | 25 |
Why are there no ART issuers yet?
Because almost every stablecoin on the market tracks a single currency, which makes it an e-money token, not an ART. The ART category was written with basket-referencing projects in mind, largely a response to Facebook's Libra/Diem, a multi-currency token that never launched.
On top of the narrow use case, Title III is MiCA's heaviest regime, with a dedicated authorisation and reserve and own-funds rules. Existing basket or gold-backed tokens are issued outside the EU, and none of their issuers has applied for an EU authorisation so far. The register can change at any time; we re-check it together with the other MiCA registers.
Who could issue an ART and how?
Two paths exist: a company established in the EU obtains a dedicated ART authorisation from its national regulator (with an approved white paper, reserve and governance requirements), or an EU credit institution issues the token after getting its white paper approved. Either way the issuer would appear in the ESMA register on this page.
FAQ about asset-referenced tokens
Are there any ART tokens in the EU?
No. As of 14 October 2026 the ESMA register of asset-referenced token issuers is empty: no company holds an ART authorisation in the EU. All regulated stablecoins in the EU are currently e-money tokens (EMT).
Is USDT an asset-referenced token?
No. USDT references a single currency (the US dollar), so under MiCA it would be an e-money token, not an ART. Tether holds no MiCA authorisation of either kind, which is why USDT appears in neither register.
Is a gold-backed token an ART?
Yes, a token referencing gold or another commodity falls under MiCA's ART definition. Existing gold tokens are issued outside the EU and none has been authorised, which is one reason the EU ART register is still empty.
What is a significant ART?
An ART that crosses MiCA's scale thresholds (for example more than 10 million holders or a very large reserve) can be designated “significant” by the EBA and moves under direct EBA supervision with stricter requirements. Since no ART is authorised, none is significant either.
Where can I check the official ART register?
On ESMA's MiCA page, in the interim MiCA register files (the ART issuers CSV). This page re-presents that file and shows the verification date; the current data was verified on 14 October 2026.
Looking for regulated stablecoins?
All EU-regulated stablecoins are e-money tokens: 25 authorised issuers, including Circle (USDC, EURC) and Société Générale. Or check crypto exchanges in the MiCA license list.
Open the MiCA stablecoin list