EMT (E-Money Token)

EMT (E-Money Token) is a crypto-asset category under the EU MiCA regulation (Regulation (EU) 2023/1114) covering tokens that maintain a stable value against a single fiat currency. This includes the canonical USD stablecoins (USDC, USDT) and EUR stablecoins (EURC, EURT and others). In EU legal terms such a token is effectively electronic money in the sense of Directive 2009/110/EC, just expressed on a blockchain.

How it differs from ART

MiCA draws the line on what the token is pegged to:

• EMT — a single fiat currency, 1:1 (USD, EUR, GBP, etc.).
• ART — a basket of currencies, commodities or rights other than a single currency.

The distinction matters because issuer obligations and redemption rules differ between the two categories.

Issuer requirements for EMT

• issuer must be either a credit institution or a licensed e-money institution (EMI) in the EU;
• 1:1 reserves in liquid, low-risk assets, with at least 30% held in bank deposits;
• holders have the right to redeem EMT at par with the issuer at any time — this is the key distinction from ART;
• no interest payments to holders;
• “significant” EMTs face a daily payment cap of EUR 200m per non-euro currency.

USDT-jetton and MiCA

In practice USDT on TON qualifies as an EMT under MiCA. As of late 2024 and early 2025, Tether had not secured an EMI licence in the EU, and major European exchanges started delisting or restricting USDT trading (at least for retail EEA customers). This is not a TON-specific issue — it affects the USDT asset across all networks where it is issued.

Alternative EMTs that reach TON via bridges or collaborations (USDC via TAC, EURC, USDP) are formally compliant if the issuer holds an EMI licence under MiCA.

What this means for users

• Buying USDT-jetton on an EU-licensed CASP may be restricted.
• P2P and self-custody use cases are not directly prohibited.
• The issuer must redeem the EMT at par on demand — in theory also for USDT-jetton, although retail holders rarely exercise this.

This is not legal advice; the actual classification and availability of any given token depends on jurisdiction and the issuer’s current licence.