What is a stablecoin, and how is it regulated?

A stablecoin is a crypto-asset engineered to maintain a stable value — typically by referencing a fiat currency (a “dollar stablecoin”), a basket of assets, or commodities. They’re used for payments, trading, and as a bridge between traditional money and crypto.

How regulators classify them

Under the EU’s MiCA, stablecoins are split into:

• E-money tokens (EMTs) — referenced to a single official currency.
• Asset-referenced tokens (ARTs) — referenced to anything else (baskets, commodities, multiple currencies).

Issuers face reserve, redemption and authorisation requirements.

On this map

The stablecoin dimension records whether a jurisdiction has a dedicated framework:

• In force — e.g. the EU (MiCA ART/EMT rules) and Singapore’s MAS stablecoin framework.
• Pending — a framework is proposed or in consultation.
• None — no dedicated stablecoin regime (it may still fall under general crypto or e-money rules).

Compare Singapore and Germany, or see which countries lead on stablecoin rules in the rankings. Note: a stablecoin is not a CBDC — stablecoins are privately issued.

Data basis: Stablecoin regulatory status on this map is recorded per country from the relevant central bank or financial regulator.