Crypto-asset designed to maintain a stable value by referencing a fiat currency, asset, or basket of assets.
Stablecoins are commonly categorised as fiat-collateralised, crypto-collateralised, or algorithmic. Under MiCA they are split into e-money tokens (EMTs), referencing a single fiat currency, and asset-referenced tokens (ARTs), referencing baskets or other assets. Issuers face strict authorisation, reserve, redemption, and disclosure requirements. Significant stablecoins are supervised directly by the European Banking Authority.