MiCA Compliant Stablecoins in 2025: Updated List

MiCA aims to strengthen transparency, consumer protection, and market integrity as stablecoins become more integrated into mainstream finance.

To help navigate this new landscape, we’ve put together a list of stablecoins that meet MiCAR compliance standards in 2025, offering insight into which projects are leading the way under Europe’s new regulatory framework.

MiCA requirements for stablecoins in 2025

The Markets in Crypto‑Assets Regulation (MiCA) lays out a rigorous set of rules for stablecoins in the EU, aimed at bolstering financial stability and consumer protection. Issuers of both asset‑referenced tokens (ARTs) and e‑money tokens (EMTs) must be legally established within the EU and obtain authorisation from national competent authorities.

They must maintain reserves in full backing (1:1) with highly liquid assets, held in segregated accounts, so that holders can redeem tokens for fiat at any time. Algorithmic stablecoins without tangible backing are effectively banned.

Issuers also must publish whitepapers disclosing the project’s technology, risk factors and reserve policies, and undergo regular audits.

MiCA Compliant Stablecoin List 2025

In 2025, the following list of stablecoins are compliant with MiCAR:

USDC (Circle)

USDC is a stablecoin issued by regulated[fn1] affiliates of Circle Internet Group, Inc. (NYSE: CRCL) (“Circle”). It is fully backed by highly liquid cash and cash-equivalent assets and is redeemable 1:1 for the US dollar. As of September 25, 2025, it is natively supported on 28 major blockchain networks – and counting.

People use USDC for payments, decentralized finance, trading, fiat on and off ramps, Web3 commerce, and smart contracts. To provide transparency, Circle regularly publishes third-party reports that provide assurance that the value of the USDC reserves are equal to or greater than the amount of USDC in circulation.

Platforms like Ivy use USDC to enable fast, cost-effective cross-border payments and treasury management for businesses.

EURC (Circle)

EURC is a euro-backed stablecoin issued by regulated[fn1] affiliates of Circle Internet Group, Inc. (NYSE: CRCL) (“Circle”). Fully backed by euro-denominated cash and cash-equivalent reserves, EURC is redeemable 1:1 for euros, offering a reliable and transparent digital currency alternative within the European financial ecosystem.

As of June 2025, EURC operates natively on multiple major blockchain networks, enabling fast, low-cost payments and interoperability across Web3 applications. Businesses and developers use EURC for cross-border transactions, decentralized finance, and digital commerce. Circle provides regular, independent attestation reports to verify that EURC reserves are equal to or greater than the total supply in circulation.

EURI (Banking Circle)

EURI is a euro-denominated stablecoin issued by Banking Circle, a fully licensed financial institution regulated in the European Union. Designed to meet MiCAR compliance standards, EURI is backed 1:1 by euro reserves held in segregated accounts, ensuring transparency and stability for users. The stablecoin enables instant, low-cost settlement of cross-border payments, providing businesses and financial institutions with a seamless bridge between traditional banking and digital asset infrastructure.

EURe (Monireum) 

EURe is a euro-backed stablecoin issued by Monerium, an EU-licensed electronic money institution. Fully compliant with MiCAR and e-money regulations, EURe is backed 1:1 by euro reserves held in safeguarded accounts, ensuring redeemability and transparency. It operates natively on multiple blockchain networks, enabling instant, low-cost, and compliant euro transactions across borders.

EURCV (SG Forge)

EURCV is a euro-denominated stablecoin issued by Société Générale–Forge (SG Forge), a regulated subsidiary of Société Générale Group. Designed under a regulatory framework aligned with MiCA and European e-money legislation, EURCV is backed on a 1:1 basis by euros held in segregated custodial accounts, ensuring transparency and redeemability for holders under the issuer’s terms.

EURD (Quantoz Payments) 

EURD is a euro-backed stablecoin issued by Quantoz Payments, a Dutch company regulated under EU payment and e-money laws. Fully collateralized and redeemable 1:1 for euros, EURD enables instant, low-cost transactions across blockchain networks, supporting compliant digital payments and settlements within Europe’s regulated financial ecosystem.

EUROe (Membrane Finance)

EUROe is a fully euro-backed stablecoin issued by Membrane Finance, a Finnish company regulated as an electronic money institution. Redeemable 1:1 for euros and compliant with MiCAR standards, EUROe enables instant, low-cost, and transparent transactions across blockchain networks, supporting payments and digital commerce within the EU’s regulated financial framework.

eUSD (Membrane Finance)

eUSD is a fully US dollar–backed stablecoin issued by Membrane Finance, a Finnish electronic money institution. Redeemable 1:1 for USD and compliant with regulatory standards, eUSD enables fast, low-cost, and transparent transactions across blockchain networks, supporting payments and digital commerce while bridging traditional finance and the digital asset ecosystem.

EURQ (Quantoz Payments) 

EURQ is a euro-backed stablecoin issued by Quantoz Payments, a Dutch company regulated under EU payment laws. Fully collateralized and redeemable 1:1 for euros, EURQ enables fast, low-cost, and transparent transactions across blockchain networks, supporting digital payments within Europe’s regulated financial ecosystem.

USDQ (Quantoz Payments)

USDQ is a US dollar–backed stablecoin issued by Quantoz Payments, a Dutch company regulated under EU payment laws. Fully collateralized and redeemable 1:1 for USD, USDQ enables fast, low-cost, and transparent transactions across blockchain networks, supporting payments and settlements.

EURØP (Schuman Financial)

EURØP is a euro-backed stablecoin issued by Schuman Financial, a regulated European financial institution. Fully collateralized and redeemable 1:1 for euros, EURØP enables fast, low-cost, and transparent transactions across blockchain networks, supporting payments, settlements, and decentralized finance applications while operating within a secure and MiCAR-compliant European financial framework.

EURR (Stablr) 

EURR is a euro-backed stablecoin issued by Stablr, a regulated financial institution. Fully collateralized and redeemable 1:1 for euros, EURR enables fast, low-cost, and transparent transactions across blockchain networks, supporting payments, settlements, and decentralized finance applications while operating within a secure and MiCAR-compliant European financial framework.

USDR (Stablr) 

USDR is a US dollar–backed stablecoin issued by Stablr, a regulated financial institution. Fully supported by USD reserves, USDR offers secure, fast, and low-cost transactions across blockchain networks. It is used for payments, settlements, and decentralized finance, providing a reliable digital dollar solution within a MiCAR-compliant and regulated financial framework.

USD1 (World Liberty Financial)

USD1 is a US dollar–backed stablecoin issued by World Liberty Financial, fully supported by USD reserves held in regulated accounts. Designed for secure and efficient digital transactions, USD1 enables fast, low-cost payments, settlements, and decentralized finance activities across blockchain networks while operating within a compliant and transparent financial framework.

ENEUR (Fiat Republic)

ENEUR is a euro-referenced e-money token issued by Fiat Republic Netherlands B.V., a regulated payment institution in the European Union. Designed to be pegged 1:1 to the euro and held within safeguarded corporate liquidity wallets, ENEUR supports real-time, secure, and cost-efficient transactions across the EagleNet instant-liquidity network. The token facilitates payments and settlements for Members of the EagleNet network and adheres to MiCA-aligned safeguarding and compliance requirements.

FAQs

Are stablecoins regulated?

Stablecoins are not universally regulated across all jurisdictions, but many countries are working on establishing frameworks. Regulations typically focus on ensuring transparency, backing assets, and preventing risks such as money laundering. Some regions, like the EU, are taking steps to regulate stablecoins through new legislation like MiCA.

What are the MiCA requirements for stablecoins?

MiCA requires stablecoins to be backed by appropriate reserves, maintain redeemability, and ensure transparency through clear disclosure and safeguarding rules. Issuers must be licensed, implement robust governance, risk management, and consumer protection measures, and comply with ongoing reporting obligations.

What are the reserve requirements for MiCA compliant stablecoins?

Under MiCA, stablecoins must be fully backed by high-quality, liquid assets equal to or exceeding the total amount of tokens in circulation. Reserves must primarily consist of cash or cash-equivalent instruments, be held in segregated accounts, and be verifiable through regular independent audits or attestations to ensure transparency and redeemability.

What are MiCA-approved stablecoins?

MiCA (Markets in Crypto-Assets Regulation) is a European Union regulation that seeks to bring stablecoins under specific regulatory standards. Stablecoins that are MiCA-regulated must meet strict transparency, reserve backing, and governance criteria. They must be issued by authorized entities and undergo periodic audits to ensure stability and compliance with EU laws.

Which stablecoins are MiCA compliant?

All the stablecoins listed, including USDC, EURC, EURI, EURe, EURCV, EURD, EUROe, eUSD, EURQ, USDQ, EURØP, EURR, USDR, USD1, and ENEUR, are regulated under the MiCA framework. This ensures they comply with stringent regulatory standards, including transparency, reserve backing, and governance, within the EU.

Is USDC MiCA compliant?

Yes, USDC is MiCA-compliant. Issued by regulated affiliates of Circle, it meets European regulatory standards for stablecoins, ensuring full backing with liquid reserves, transparency through third-party attestations, and secure, redeemable transactions. USDC is approved for use across multiple blockchain networks, supporting payments and DeFi applications.

What is the timeline for MiCA implementation for stablecoins?

MiCA began phasing in in 2024, with stablecoin rules for asset‑referenced and e‑money tokens applying from June 30, 2024. Broader MiCA requirements, including licensing for crypto-asset service providers (CASPs), took effect December 30, 2024, with full authorisation required by July 1, 2026.

How do intent-based crosschain stablecoin platforms stay compliant with upcoming MiCA requirements?

Intent‑based cross‑chain stablecoin platforms can stay compliant with Markets in Crypto‑Assets Regulation (MiCA) by ensuring issuer licensing under EU law, deploying fully‑backed reserves held in segregated accounts, and maintaining transparency via whitepapers and audits.

Which crypto finance tools are best for compliance with MiCA in 2025?

For businesses aiming to comply with MiCA, robust crypto-finance tools are essential to manage stablecoins and fiat securely and transparently. Platforms like Ivy offer unified APIs for holding, converting, and transferring both fiat and digital assets, with regulated payment flows, borderless accounts, and real-time settlements, all the while supporting full compliance, auditability, and transparency under MiCA.

Are algorithmic stablecoins banned under MiCA?

MiCA does not explicitly ban algorithmic stablecoins, but its reserve and redeemability rules make purely algorithmic models effectively non-compliant. Stablecoins must be backed by adequate, high-quality assets to ensure stability and redemption rights. Tokens relying solely on algorithmic mechanisms without real reserves cannot be authorised under MiCA, helping safeguard market integrity and consumer protection.