MiCA Compliance Watchlist: Full List of Approved CASPs and Stablecoin Issuers
RWA Signal Insight
StablecoinsThe European Union's Markets in Crypto-Assets (MiCA) regulation has reached a significant milestone as the European Banking Authority classified Circle's USDC as the first 'significant' e-money token (EMT). This designation subjects USDC to direct EU-level oversight regarding capital, reserves, and liquidity, with supervision shared between the EBA and France's ACPR. The broader MiCA framework has now authorized numerous EMT issuers, including traditional institutions like Société Générale–Forge and fintech firms like Quantoz, while notably excluding Tether due to non-compliance. Simultaneously, over 40 Crypto-Asset Service Providers (CASPs) have secured authorization, establishing a standardized regulatory environment across member states. The Cardano Foundation has actively engaged in the MiCA review process, advocating for more proportionate rules that distinguish between custodial services and decentralized protocol participation. These developments represent a critical shift toward institutionalizing digital assets within the EU, aiming to enhance investor protection and market integrity. The transition period for existing providers is nearing its conclusion, forcing a clear divide between compliant entities and those facing regulatory scrutiny.
Key points
- Circle's USDC is the first stablecoin designated as a 'significant' EMT under MiCA.
- Over 40 CASPs are fully authorized across the EU as of February 2026.
- Tether remains non-compliant due to missing EMI licensing and reserve requirement gaps.
- Supervision for significant EMTs is split between the EBA and France's ACPR.
Background
MiCA is the European Union's comprehensive regulatory framework designed to harmonize rules for crypto-assets, stablecoins, and service providers across all member states. It mandates strict reserve and governance requirements for Electronic Money Token (EMT) issuers to mitigate systemic risks and protect retail investors. The regulation also establishes a licensing regime for Crypto-Asset Service Providers (CASPs) to ensure operational resilience and AML/CTF compliance.