- 12 stablecoin issuers have obtained MiCA-compliant e-money institution (EMI) licences as of February 2026
- France, Ireland, and Lithuania have emerged as the preferred licensing jurisdictions for stablecoin issuers, reflecting regulatory capacity and processing speed
- An additional 25+ applications are pending across EU member states, with processing times ranging from 3 to 12 months depending on jurisdiction
- Transitional provisions allowing unlicensed stablecoins to operate on EU exchanges are set to expire, creating urgency for remaining applicants
Licensing Status Overview
The MiCA licensing process for fiat-referenced token issuers has produced a clear first-mover cohort and a substantial pipeline of pending applications. This tracker provides a snapshot of the current licensing landscape across EU member states.
Licensed Issuers (EMI Approved)
France has emerged as the leading licensing jurisdiction, hosting several of the most significant MiCA-approved stablecoin issuers including Circle (USDC/EURC) and Societe Generale Forge (EURCV). Ireland and Lithuania have also attracted multiple issuers, leveraging established fintech regulatory infrastructure.
Pending Applications
The pipeline of pending applications represents a mix of crypto-native stablecoin issuers, European fintech companies, and traditional financial institutions exploring e-money token issuance. Processing times vary significantly by jurisdiction, with some national competent authorities demonstrating faster review cycles than others.
Key Jurisdictions
France (ACPR): Leading jurisdiction with the most significant licensed issuers. Regulatory capacity and expertise established through pre-MiCA crypto regulation (PSAN regime).
Ireland (CBI): Attractive for issuers seeking English-language regulatory process and established financial services infrastructure.
Lithuania (Bank of Lithuania): Fast processing times and streamlined application procedures have attracted smaller fintech issuers.
Germany (BaFin): Significant market but longer processing times. Expected to host major bank-issued stablecoin programmes.
This tracker is updated as new licensing decisions are published by national competent authorities. For real-time alerts on licensing developments, subscribe to our intelligence briefing.