MiCA Explained: Crypto Cards and Stablecoins in the EU

MiCA took effect in stages. Member states could shorten the transition for existing providers or skip it, so in some countries it ended before July 2026. Since it ended, a company that serves EU clients with crypto services needs a MiCA authorization or an Article 60 notification. ESMA also publishes a separate list of non-compliant entities providing crypto-asset services.

An e-money token can be offered to the public in the EU only by an authorized bank or e-money institution that has published a white paper. Circle Internet Financial Europe SAS, an e-money institution supervised by France’s ACPR, notified MiCA white papers for USDC and EURC on 1 Jul 2024. Circle’s EEA white paper describes USDC as an e-money token and sets out how EEA holders can redeem it.

Tether, the issuer of USDT, does not appear in ESMA’s register of e-money token issuers (checked 10 Oct 2026). On 17 Jan 2025 ESMA and the European Commission asked national authorities to make crypto service providers comply on stablecoins that do not meet MiCA, by the end of Q1 2025 at the latest. For an EU user, this means your exchange or card provider decides which USDT services it still offers you. Buying, selling, deposits, withdrawals and custody can each be treated differently, and the notice for your account is what applies.

Coins in a self-custody wallet are a separate matter, because MiCA binds issuers and service providers. Tether’s own terms still allow it to freeze tokens, whatever wallet holds them.

If you need to turn stablecoins into euros through an EU-authorized platform, USDC and EURC are the coins issued under MiCA.

A crypto card has two regulated parts. The crypto side holds your coins and sells them when you pay: that is custody and exchange, which need a CASP authorization. The card side is a Visa or Mastercard card issued by a bank or an e-money institution under payment rules. The two parts can be different companies under one brand.

Examples from ESMA’s register (checked 10 Oct 2026): Bybit EU GmbH has been authorized by Austria’s FMA since 28 May 2025, including for custody and exchange of crypto-assets for funds, and Bybit Card EU is offered through Bybit EU to residents of eligible European countries. Foris DAX MT Limited, listed under the Crypto.com name, has been authorized by Malta’s MFSA since 27 Jan 2025.

MiCA does not set card prices. Bybit Card EU, for example, charges 0.5% above the Mastercard rate on payments in other currencies and gives EUR 100 of free ATM cash a month, then 2% (as of 26 Sep 2026). Crypto conversion is priced separately.

If you move to the EU, or your provider moves your account to another company, read the new terms: the company named there is the one to look up.

ESMA’s interim register listed more than 360 authorized crypto-asset service providers on 10 Oct 2026. ESMA publishes it weekly from national data, so a recent national decision can appear in the national register first. Withdrawn authorizations stay listed with an end date.

Token white papers in ESMA’s register are notified documents. ESMA states that no competent authority has reviewed or approved them, so an entry tells you the issuer filed a white paper, not that the token is a sound investment.

MiCA is not deposit insurance. Crypto held by an authorized provider is not covered like a bank deposit, and the EU supervisory authorities warn that protection for crypto-assets is limited. Prices can fall and a stablecoin can lose its peg.

MiCA also does not decide where your card works. Acceptance depends on the card network and the merchant, and eligibility depends on your country of residence and the issuer’s rules.

Save the dated notice and export statements and transaction history. Note which services stop, the deadline, the withdrawal method, supported networks and fees. Withdraw only to a wallet you control or to an authorized provider, on the network the notice names.

Keep a bank or multi-currency card for essential travel costs, so a provider change never leaves you without a way to pay.