Which stablecoins are MiCA-compliant — and which ones can I no longer buy in the EU?
Authorised under MiCA, and so available from EU-regulated providers: USDC, USDG, EURC, EURCV, EURI, EURE, USDCV, EURQ, EURAU, EURW, EURD. Not authorised — EU-regulated platforms may not sell them to EU customers: USDT (the largest stablecoin in the world), PYUSD, RLUSD, FDUSD. Without an issuer that could be authorised: USDS, DAI, GHO. Holding any of them in your own wallet is not prohibited.
Since MiCA applies to stablecoins, a coin tied to a single currency may only be offered to the public or traded on an EU platform if its issuer is authorised in the EU as an e-money institution or a bank. The authorisation belongs to the issuer of each specific coin, not to the brand: Paxos’ USDG is issued from Finland and authorised, while Paxos’ PYUSD is issued from the US and is not. Coins issued by a protocol rather than a company — DAI, USDS, GHO — have nobody who could apply.
How this list is made: computed from the live TokenBank dataset each time the page is built — 18 matching rows, each linked to its own page and source.
Figures from our live dataset · data as of 2026-10-11 · this answer as JSON · not investment advice
| Token | Issuer | Yield / return | Minimum | KYC to buy | EU (MiCA) | Chain |
|---|---|---|---|---|---|---|
| USDC USD Coin | Circle | No yield | — | No KYC on a DEX | Authorised · ACPR (France) Circle Internet Financial Europe SAS source | Ethereum / Hyperliquid L1 / Solana (+154) |
| USDG Global Dollar | Paxos (Global Dollar Network) | No yield | — | No KYC on a DEX | Authorised · FIN-FSA (Finland) Paxos Issuance Europe Oy source | X Layer / Robinhood Chain / Solana (+5) |
| EURC EURC | Circle | No yield | — | No KYC on a DEX | Authorised · ACPR (France) Circle Internet Financial Europe SAS source | Ethereum / Solana / Base (+10) |
| EURCV EUR CoinVertible | Societe Generale FORGE (SG-FORGE) | 0% (settlement asset) | None | No KYC on a DEX | Authorised · ACPR (France) Societe Generale-FORGE source | Ethereum |
| EURI Eurite | — | No yield | — | Not stated | Authorised · Commission de Surveillance du Secteur Financier (LU) Banking Circle S.A. source | Ethereum / BSC |
| EURE Monerium EUR emoney | — | No yield | — | Not stated | Authorised · Central Bank of Iceland (IS) Monerium ehf source | Gnosis / Arbitrum / Ethereum (+6) |
| USDCV USD CoinVertible | Societe Generale FORGE (SG-FORGE) | 0% (settlement asset) | None | No KYC on a DEX | Authorised · ACPR (France) Societe Generale-FORGE source | Ethereum |
| EURQ Quantoz EURQ | — | No yield | — | Not stated | Authorised · De Nederlandsche Bank (NL) Quantoz Payments B.V source | Ethereum / Polygon / XRPL (+1) |
| EURAU AllUnity EUR | — | No yield | — | Not stated | Authorised · Federal Financial Supervisory Authority (DE) AllUnity GmbH source | Ethereum / Base / Tempo (+2) |
| EURW Newrails Euro | — | No yield | — | Not stated | Authorised · Bank of Lithuania (LT) Newrails, UAB source | Monad |
| EURD Quantoz EURD | — | No yield | — | Not stated | Authorised · De Nederlandsche Bank (NL) Quantoz Payments B.V source | Algorand |
| USDT Tether | Tether | No yield | — | No KYC on a DEX | Not authorisedsource | Tron / Ethereum / BSC (+127) |
| PYUSD PayPal USD | Paxos (for PayPal) | No yield | — | No KYC on a DEX | Not authorisedsource | Ethereum / Solana / Arbitrum (+16) |
| RLUSD Ripple USD | Ripple | No yield | — | No KYC on a DEX | Not authorisedsource | Ethereum / XRPL |
| FDUSD First Digital USD | First Digital | No yield | — | No KYC on a DEX | Not authorisedsource | Ethereum / BSC / Sui (+3) |
| USDS Sky Dollar | Sky (formerly MakerDAO) | No yield | — | No KYC on a DEX | No issuer to authorisesource | Ethereum / Solana / Base (+4) |
| DAI Dai | Sky (formerly MakerDAO) | No yield | — | No KYC on a DEX | No issuer to authorisesource | Ethereum / Polygon / Fantom (+46) |
| GHO GHO | Aave | No yield | — | No KYC on a DEX | No issuer to authorisesource | Ethereum / Monad |
How to choose
If you live in the EU and want a stablecoin you can buy, hold with a regulated provider and sell back for euros, stick to the authorised ones. For dollars that is USDC or USDG; for euros EURC or EURCV. A coin without MiCA authorisation is not illegal to own, but your route in and out runs outside EU-regulated platforms — and that is where most problems with getting money back occur.
More questions
Is USDC MiCA-compliant?
Yes. USDC and EURC are issued in the EU by Circle Internet Financial Europe SAS, an electronic money institution authorised in France, which makes them the most widely available dollar and euro stablecoins on EU-regulated platforms.
Why is USDT not MiCA-compliant?
Tether has not applied for authorisation as an EU e-money issuer. MiCA would require it to hold a large share of reserves in EU bank deposits and to meet EU redemption and disclosure rules. Without that, EU-regulated platforms may not offer USDT, and since ESMA’s opinion of 8 October 2026 they should wind down custody for EU clients as well, by 8 January 2027.
What does "no issuer to authorise" mean for DAI, USDS and GHO?
These coins are created by smart contracts against collateral, not issued by a company, so there is no entity that could hold an e-money licence. How EU platforms treat them is the platforms’ call; several major exchanges delisted DAI for EU customers along with USDT. On a DEX they remain available.
How many of the stablecoins listed here are authorised?
11 of 18. Status as researched on the date shown with each source; authorisations can be granted or withdrawn, and the issuer’s own disclosures and ESMA’s register have the final word.
Which of them can I buy without KYC?
12 of 18 can be bought on a DEX without identity verification. For the rest, the source does not state the secondary-market gate.
Which is the largest?
By size, USDT at $183.4B, followed by USDC at $72.7B and USDS at $7.0B. Size is not safety, but a larger product usually means a deeper market to sell into.
Sources
- ESMA: interim MiCA register — e-money token issuers (read by TokenBank, see /markets/european-union)
- ESMA: supervisory expectations on services related to unauthorised stablecoins (8 October 2026)
- MiCA — Regulation (EU) 2023/1114 (EUR-Lex)
- Circle: USDC and EURC under MiCA
- Paxos: Global Dollar (USDG) launches in the EU
- Bitstamp: MiCA update on select assets (PYUSD, USDT)