Payment stablecoin
A regulatory category (notably under [[genius-act]] and MiCA EMT) for fiat-backed stablecoins used as payment instruments.
Payment stablecoins are subject to issuer authorisation, 1:1 reserves, daily redemption, and prohibition on yield to holders. The category targets stables used in retail / commerce flows — not algorithmic, RWA-yield-bearing, or CDP-issued tokens, which fall outside the regime.
Related terms
- GENIUS ActA US federal payment-stablecoin framework establishing reserve, disclosure, and supervision rules at the issuer level.
- MiCAThe EU's comprehensive crypto-asset framework, fully effective Dec 2024 — establishes EMT and ART regimes for stablecoins.
- E-moneyA regulated category of monetary value held electronically and redeemable at par — the EU MiCA EMT regime piggy-backs on the existing e-money directive.