MiCA Register of Stablecoin Issuers: 23 Authorised Firms, 43 White Papers and Two Dead Links
RWA Signal Insight
StablecoinsAn analysis of the European Securities and Markets Authority (ESMA) MiCA register as of August 16, 2026, reveals 23 authorized e-money token issuers and 43 notified white papers across 13 member states. While the register serves as the official record for stablecoin issuers under the Markets in Crypto-Assets (MiCA) regulation, the data shows significant discrepancies in accessibility and transparency. Cryptoticker's investigation found that two of the 30 unique document addresses provided in the register returned 404 errors, and many entries point to generic landing pages rather than specific white papers. Furthermore, the register includes tokens denominated in currencies other than the euro, such as the US dollar, meaning the total number of authorized stablecoins does not equate to a direct count of euro-pegged assets. The findings highlight that while MiCA provides a regulatory framework, the register itself does not guarantee the accuracy or availability of the underlying disclosure documents. This matters for the RWA market because it underscores the operational challenges in verifying the legitimacy and backing of tokenized assets within the EU. Investors must exercise caution, as the register confirms authorization status but does not imply regulatory approval of the white paper content.
Key points
- ESMA register lists 23 authorized e-money token issuers and 43 notified white papers.
- Two of 30 unique document addresses in the official register returned 404 errors.
- 15 of 43 register entries share only four collective landing pages for documentation.
- France leads with six issuers, while the Netherlands leads with nine notified white papers.
Background
MiCA (Markets in Crypto-Assets) is the European Union's comprehensive regulatory framework for crypto-assets, designed to provide legal certainty and investor protection. Under MiCA, issuers of e-money tokens (EMTs)—stablecoins pegged to a single official currency—must be authorized as credit or electronic money institutions. They are required to publish a white paper detailing token backing, redemption rights, and risks, which is then notified to national supervisors and aggregated by ESMA.