Global Stablecoin Regulation Tracker — 200+ Countries
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Frequently Asked Questions
MiCA (Markets in Crypto-Assets Regulation) is the EU framework for crypto-assets, including stablecoins. Its stablecoin rules applied from 30 June 2024 and its service-provider rules from 30 December 2024, across all 27 EU member states. Under MiCA, a stablecoin issuer must be authorised to issue an Electronic Money Token (EMT) or Asset-Referenced Token (ART), hold 1:1 liquid reserves, meet capital and governance standards, and undergo regular audits. "Significant" tokens face extra oversight by the European Banking Authority. Circle's USDC and EURC are MiCA-authorised; Tether's USDT is not, and licensed EU platforms have restricted or delisted it.
The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) is U.S. federal law, signed on 18 July 2025. It creates a federal licensing framework for payment stablecoin issuers, requiring 1:1 reserves in eligible liquid assets, monthly reserve reporting, AML compliance, and a ban on issuer-paid yield. The framework is expected to take effect on 18 January 2027, with implementing rules still being finalized. For more information, visit the USA page.
As of September 2026, jurisdictions with live stablecoin frameworks include the European Union (MiCA, all 27 member states), Hong Kong (Stablecoins Ordinance), Japan (Payment Services Act — electronic payment instruments), the United Arab Emirates (CBUAE Payment Token Services Regulation, plus ADGM/FSRA and Dubai VARA), Bahrain (Central Bank of Bahrain crypto-asset rules), and several others. The United States has enacted the GENIUS Act, but that framework is not yet operational. Use the interactive map above to filter by regulatory stage — "Live" means rules currently in effect. The list changes as new frameworks take effect. See the updates page for the latest changes.
Fiat-backed stablecoins (e.g., USDC, USDT, EURC) are pegged to a fiat currency and backed by fiat or near-fiat reserves such as cash and short-term government bonds. Most regulatory frameworks — including MiCA, the GENIUS Act, and Singapore's MAS rules — focus primarily on fiat-backed stablecoins because they most closely resemble regulated electronic money. Crypto-backed stablecoins (e.g., DAI) use cryptocurrency collateral and face more varied regulatory treatment, often classified under broader DeFi or derivatives frameworks. Algorithmic stablecoins (e.g., the now-defunct TerraUSD/UST) maintain their peg through algorithmic supply adjustments rather than direct backing; following TerraUSD's collapse in 2022, many jurisdictions have explicitly prohibited or heavily restricted algorithmic stablecoins. Use the country table to filter by which stablecoin types are permitted in each jurisdiction.
Our classifications are built on primary and secondary sources we trust. That starts with official government publications — legislation databases, central bank circulars, regulatory authority guidance, and official gazettes — so every classification traces back to the law itself. We also draw on analysis from leading law firms specializing in digital asset and fintech regulation, whose client alerts and regulatory briefings help us interpret nuanced or evolving frameworks. Finally, we cross-reference against reputable financial news outlets and industry publications to catch recent developments and verify our findings. Every country entry is reviewed through a structured research and legal analysis pipeline before it reaches the map, and we update classifications as new laws are enacted or amended.