Crypto● Neutral
EU Stablecoin Register: 23 Issuers, Two Broken Links, Currency Gaps
ESMA's MiCA register lists 23 authorised stablecoin issuers with 43 white papers, but analysis finds two dead document links, missing currency fields, shared addresses and a lag of up to a week in updates.
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Anyone looking for a regulated euro stablecoin in the European Union can consult the official MiCA register of e-money tokens, maintained by the European Securities and Markets Authority. The record lists every issuer authorised to offer currency-pegged crypto assets in the bloc. It is the only government-run source for that information.
We downloaded the register on August 16 and counted the entries line by line. The headline figures: 23 authorised issuers, 43 notified white papers, spread across 13 member states. Behind those numbers sit a series of gaps that matter for anyone treating the list as a product catalogue.
The register covers tokens pegged to any official currency, not just euros. Several dollar-denominated stablecoins appear, including USDC, a token labelled eUSD and USDCV. The file has no currency column, so the only way to identify which token tracks which currency is to open each white paper. ESMA itself warns that the listed documents have not been reviewed or approved. The register confirms only that a company is authorised and has submitted a paper. It says nothing about accuracy.
Two of the 30 unique document addresses returned HTTP 404 when we tried to open them on August 16. One belongs to Bridge Building S.A. in Luxembourg with a link under bridge.xyz/transparency/EURR. The other belongs to Newrails, UAB in Lithuania with an address under newrails.xyz. Both main domains respond normally. A document may have moved, or the register line may be out of date. Either way, anyone following the officially recorded route on that date reached a dead page.
Another structural issue: 15 of the 43 entries point to just four shared addresses. One Dutch issuer directs all six of its tokens to a single resources page. A German issuer sends its four entries to one white paper landing page. Two other providers use combined overviews. An HTTP 200 code confirms the page exists. It does not confirm the specific white paper is easy to find.
Country spread and exemption confusion.
France leads with six issuers, followed by Luxembourg with three and Lithuania, Malta and the Netherlands with two each. Germany, the bloc's largest economy, accounts for exactly one: AllUnity GmbH with four notified white papers and BaFin as supervisor. Authorisation as an electronic money institution is demanding, but an issuer can serve the entire single market from any EU state.