The EBA and crypto assets
When a bank or e-money institution issues a stablecoin in the EU, its national supervisor checks it, and for the largest tokens the European Banking Authority (EBA) takes over. Under MiCA the EBA directly supervises significant asset-referenced tokens, shares the supervision of significant e-money tokens and writes the technical standards that issuers of both follow. Dated events on stablecoins and digital money are in the calendar below.
Significant tokens and direct supervision
An asset-referenced token (ART) or e-money token (EMT) becomes significant when it meets at least three of the criteria in Article 43 of MiCA, among them more than 10 million holders or a value above 5 billion euros. The EBA decides the classification and clarified the procedure in October 2024. A significant ART comes under direct EBA supervision. For a significant EMT issued by an e-money institution, the EBA and the national authority supervise together, as the EBA explains, and issuers report to it every quarter.
PSD2 and MiCA for e-money tokens
An EMT is e-money under MiCA, and a payment made with it can also be a payment service under PSD2. In an opinion of June 10, 2025 the EBA told national authorities how to treat crypto-asset service providers that transfer or hold EMTs for clients: some of these services need a payment institution license besides the MiCA license. Authorities could tolerate the gap for a transition period, which ended on March 2, 2026, according to a further EBA opinion of February 12, 2026, listed on the EBA page on ARTs and EMTs.
Technical standards and guidelines
MiCA gave the EBA mandates for technical standards and guidelines on own funds, the reserve of assets, complaints handling and recovery plans of issuers. The EBA also wrote the travel rule guidelines for crypto transfers, EBA/GL/2024/11, which set out how providers check unhosted wallets. Crypto-asset service providers themselves are licensed by national authorities, with ESMA in charge of supervisory convergence.
Finance Loop, the meeting place for stablecoins and digital money
Finance Loop is the meeting place for people at banks, payment firms and crypto firms who build or use stablecoins. Finance Loop is a strategic partner of the Digital Euro Association and was a partner of the Digital Euro Conference. The Bybit EU x Circle Roadshow in Frankfurt had two panels on stablecoins, USDC and EURC.
Upcoming events on stablecoins and digital money
Payments & Digital Money
Risk & Compliance
What does the EBA do for crypto assets?
Under MiCA it supervises significant asset-referenced tokens directly, shares the supervision of significant e-money tokens and writes technical standards for issuers. Crypto-asset service providers are licensed by national authorities.
When is a stablecoin significant under MiCA?
When it meets at least three of the criteria in Article 43, for example more than 10 million holders, a value above 5 billion euros or very high daily transaction volumes. The EBA decides.
Does the EBA license crypto exchanges?
No. Exchanges and other crypto-asset service providers get their license from a national authority, such as BaFin in Germany.
The EBA and Finance Loop
Finance Loop covers the role of the EBA in its Payments & Digital Money track, next to e-money tokens, tokenized deposits and the digital euro. Finance Loop brings people from banks, payment firms, issuers and their supervisors together at events in Frankfurt, Munich, Berlin and Hamburg.
Finance Loop is a professional network and has the goal of driving the adoption of emerging technologies in finance, such as AI, digital payments, cloud and blockchain solutions. Finance Loop helps its members build skills and personal networks in these fields: Investment & Digital Assets, Payments & Digital Money, Digital Infrastructure & Sovereignty, and Risk & Compliance.