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NODE/03 · Term

ART (Asset-Referenced Token)

MiCA category for tokens pegged to a basket of currencies, assets or rights — anything other than a single fiat currency. Subject to strict reserve and issuer requirements.

Aliases: asset-referenced token, art mica

ART (Asset-Referenced Token) is one of three crypto-asset categories under the EU MiCA regulation (Regulation (EU) 2023/1114). It is a token that aims to maintain a stable value by referencing a basket: several fiat currencies, one or more commodities, other crypto-assets, or a mix. The canonical example is a hypothetical multi-currency stablecoin like Meta’s once-proposed Libra/Diem, or a DAI-style instrument backed by a mixed pool of assets.

How it differs from EMT and other crypto-assets

MiCA splits crypto-assets into three buckets:

  • ART — Asset-Referenced Token: basket of assets or rights other than a single currency.
  • EMT — E-Money Token: pegged strictly to one fiat currency (USDC, EURC, USDT).
  • Other crypto-assets — utility-style and everything that is not a financial instrument.

If a stablecoin is pegged solely to USD, it is an EMT. If it is backed by a basket of USD, EUR, and gold in fixed proportions, it is an ART.

Issuer requirements for ART

MiCA imposes stricter rules on ART issuers than on regular crypto-assets:

  • issuer must be a legal entity in the EU, authorised by ESMA or a national regulator;
  • mandatory 1:1 reserve in liquid assets, segregated and hedged;
  • regular reserve audits;
  • regulator-approved white paper;
  • usage restrictions: “significant” ARTs are additionally capped by ESMA on daily payment volume (up to EUR 200m per asset);
  • no interest payments to holders.

Relevance to the TON ecosystem

As of 2026, no large ART-class token is in active circulation on TON — stablecoin activity is concentrated in USDT-jetton, which qualifies as an EMT, not an ART. However, any future attempt to launch a multi-basket stablecoin on TON inside the EU (for example, a BRICS-basket-pegged token or a basket-of-stablecoins instrument) would fall under the ART regime and its full set of obligations.

This is not legal advice; the actual classification of a specific token is determined by the regulator on the substance of the asset, not on the issuer’s marketing. Several tokens initially positioned as “basket” instruments have ended up being reclassified as EMTs or as plain crypto-assets in practice.

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