An e-money token (EMT) is a Crypto-assetCrypto-assetThe legal term for cryptocurrencies and tokens, meaning a digital representation of value or rights that can be transferred and stored on a blockchain. that aims to keep a stable value by referencing a single official currency, such as the US dollar or the euro. The term comes from the EU regulation MiCAMiCAThe EU regulation on markets in crypto-assets, in force in Iceland since 1 January 2026, which sets the same rules for crypto services across the EEA.. Under MiCA, stablecoinsStablecoinA cryptocurrency designed to keep a steady price, usually by tracking the US dollar or another currency. that track a single currency are e-money tokens. The Icelandic term is rafeyristóki.
MiCA treats an e-money token as electronic money, the same kind of money as the balance on a prepaid card. The difference is that an e-money token is recorded on a blockchain and can be sent between wallets.
Which rules apply?
Title IV of MiCA covers e-money tokens. The main rules are:
- A licence. Only credit institutions and e-money institutions may offer e-money tokens to the public. The issuer must also publish a white paper about the token.
- Redemption at face value. The issuer issues the tokens at face value when it receives funds. A holder can ask for redemption at face value at any time, and no fee may be charged for it.
- No interest. Neither the issuer nor crypto-asset service providersCASP (crypto-asset service provider)A company licensed under MiCA to provide crypto-asset services, such as buying, selling, custody or transfers. may pay interest on e-money tokens.
Examples
USDCUSDCA stablecoin issued by the US company Circle that tracks the US dollar, so one USDC should always be worth about one dollar., which tracks the US dollar, and EURC, which tracks the euro, are e-money tokens. Within the EU they are issued by Circle's French subsidiary, which obtained an e-money institution licence in July 2024.
ESMA, the European Securities and Markets Authority, keeps a register of e-money token issuers in the EEA. It also lists the Icelandic e-money institution Monerium, supervised by the Central Bank of Iceland, with its euro token EURe.
What to keep in mind
An e-money token is not a bank deposit, and no deposit guarantee covers it. The right of redemption is only as sound as the issuer and the assets behind the tokens. A token that tracks the dollar is stable in dollars, not in krónur.
Everything in Myntkaup Learn is written and regularly reviewed by the Myntkaup editorial team. It is for education and is not investment advice. Editorial policy. Updated 18 October 2026.