EMT Register 25.08.2026: Euro Stablecoins and USDT

In the last 24 hours (24th-25th August), there have been no separately dateable primary news items in the Baltic and Nordic segment – covering crypto exchanges and CASPs, hardware wallets, cards, and tax tools. Therefore, this is an accurately dated explanatory article on an ongoing topic: the status of the MiCA e-money token (EMT) register and which Euro stablecoins are legally available to users in the region today. The approach is the same snapshot method we used in the 22nd August CASP register review, but the focus is on stablecoins, not service providers.

Register Snapshot

According to public ESMA MiCA register derivatives, as of 25th August 2026, approximately 23 e-money token issuers with around 43 notified white papers are authorised in 13 EEA countries. The last changes to the register date back to 12th August, so the figures should be read as an approximation with a few days' delay between regulator publication and tracker refresh, rather than as a fresh 24-hour event.

For comparison with market scale: on the EMT side, the number of issuers is significantly smaller than in the CASP register (where there were ~325-329 service providers by mid-August), because only two types of institutions are allowed to issue e-money tokens under MiCA – a licensed credit institution or a licensed electronic money institution (EMI). This deliberately limits the pool of issuers and is a central feature of the MiCA stablecoin regime.

Which Euro Stablecoins are Authorised

Euro-denominated EMTs form the most practically significant group for the region. The register currently includes EURC (Circle), EURCV (Société Générale - FORGE), EURe (Monerium), EURI (Banking Circle), EURR (StablR), EURQ (Quantoz), EURØP (Schuman Financial), and EUROD (Oddo BHF), among others. From a Nordic perspective, the Finnish-originated EUROe (Membrane Finance) is particularly important, demonstrating as an EMI-licensed Euro EMT that institutions in the region can be issuers themselves, not just users.

Each of these tokens is pegged to the Euro at a 1:1 ratio and subject to MiCA requirements for full reserve backing, daily redemption rights, and segregation of reserves. For the user, this means that in the case of an authorised Euro EMT, redemption at par value is a legal right, not a market promise.

Why USDT is Not on the List

The most practically important insight for users in the region is what the register does not show: Tether USDT is not authorised as an e-money token issuer in the EU and does not have a notified MiCA white paper. As a result, MiCA-licensed exchanges and service providers are not allowed to offer USDT to EEA clients in full, and most regulated platforms removed or restricted USDT trading pairs for EEA clients around the end of the 1st July 2026 transitional period. ESMA's public statement in June on the end of the transitional period clearly stated that offering unauthorised crypto-assets after the deadline is not permissible.

This does not mean that USDT is "forbidden to hold" privately in self-custody, but daily access to it through regulated platforms in the region has been narrowed. This is a structural difference that USDT users in the Baltics and Nordics should consider when planning payment and liquidity chains.

What This Means for Regional Participants

In practice, for users in LV, LT, EE, FI, SE, NO, and DK, the compliant choice for daily transactions and exchange liquidity is increasingly authorised Euro EMTs, not dollar USDT. For businesses developing payment or settlement products, the legal form of the issuer (credit institution or EMI) and the country of the white paper notification become a due diligence matter, not just a brand choice.

One must also remember the tax dimension, which we discussed in more detail in the 22nd July DAC8/CARF article: conversion between a crypto-asset and a stablecoin is a taxable disposal in most regional jurisdictions, and from 1st January 2026, service providers are already collecting these transactions for CARF/DAC8 reporting. The choice of stablecoin therefore affects not only access but also the accounting burden.

Context and Watchlist

As a reminder, not fresh news: the Euro stablecoin landscape may change in the coming months. The previously described banking consortium Qivalis (37 European banks from 15 countries, including Danske Bank and SEB) plans to launch a regulated Euro stablecoin in the second half of 2026; its appearance in the register would be the next checkpoint. It is also worth following whether any Baltic issuer joins the EEA EMT list, as currently, regional presence on the stablecoin side is based primarily in the Nordics.

Next checkpoints: ESMA EMT register updates, potential Qivalis notification, and EBA guidance on significant EMT additional supervision.

Summary for Market Participants

Firstly, for daily transactions and exchange pairs in the region, default to an authorised Euro EMT (e.g., EURC, EURe, EUROe), not USDT, as the latter is restricted on regulated platforms for EEA clients. Secondly, before relying on any stablecoin, check if it appears in the ESMA register and who its issuer is (credit institution or EMI). Thirdly, for product developers, choose an issuer whose white paper notification and supervisor align with your client base. Fourthly, document every conversion for CARF/DAC8 accounting now, as 2026 is the first year for data collection. Fifthly, follow the entry of Qivalis and other banking initiatives into the register, as this could significantly change the region's Euro liquidity landscape.

Sources

• ESMA - Markets in Crypto-Assets Regulation (MiCA), official register
• ESMA - Public Statement: MiCA transitional period ends (June 2026)
• Estonian Tax and Customs Board (EMTA) - Crypto-asset tax reporting (DAC8/CARF)
• CASP Tracker - MiCA e-money token (EMT) list in ESMA register
• Legasset - MiCA restrictions push USDT off regulated EU platforms
• NorriWire previous articles: DAC8/CARF crypto tax reporting (22.07.2026); CASP register - regional growth stalled (22.08.2026); Qivalis - 37 European banks' Euro stablecoin.