MiCA Stablecoin Rules in 2026: Only 17 E-Money Token Issuers Authorized Across the EU

On 6 January 2026, Europe entered the new year with just 17 E-Money Token issuers fully authorized under the EU's MiCA framework, more than eighteen months after the stablecoin rules began to apply. These approvals cover 25 single-currency EMTs dominated by euro-denominated tokens, while no asset-referenced tokens have yet been cleared and Alipay Europe's BREUR illustrates a closed-loop, institutional settlement use case.