An asset-referenced token (ART) 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 another asset or a mix of assets. The reference could be a basket of several currencies, a commodity such as gold, or other crypto-assets. 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.. The Icelandic term is eignatengdur tóki.
How is it different from an e-money token?
MiCA sorts stablecoinsStablecoinA cryptocurrency designed to keep a steady price, usually by tracking the US dollar or another currency. into two groups. An e-money tokenE-money token (EMT)A stablecoin that tracks a single official currency, such as the dollar or the euro. Under MiCA, only banks and e-money institutions may issue one. tracks a single official currency, such as the euro. Other tokens that aim to keep a stable value by referencing assets are asset-referenced tokens.
Think of it as a basket. If the basket holds only euros, the token is an e-money token. If it holds a mix of euros, dollars and gold, it is an asset-referenced token.
Which rules apply?
Title III of MiCA covers asset-referenced tokens. The main rules are:
- A licence. Only issuers authorised under MiCA and credit institutions may offer asset-referenced tokens to the public or seek their admission to trading.
- A reserve. The issuer must hold a reserve of assets against the tokens at all times.
- Redemption. Holders can always ask the issuer to redeem their tokens at the market value of the assets the token references.
- 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 the tokens.
What to keep in mind
Asset-referenced tokens are rare. In October 2026 there were no issuers of asset-referenced tokens on the register kept by ESMA, the European Securities and Markets Authority. Its register of e-money token issuers, by contrast, listed about 25 companies. Most stablecoins people use track a single currency and are therefore e-money tokens.
As with other stablecoins, an asset-referenced token is only as sound as its issuer and the assets behind it.
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.