Germany now regulates stablecoins under the EU's Markets in Crypto-Assets Regulation (MiCAR), effective mid-2024 for stablecoin issuers. Germany's supervisor BaFin has approved the euro-backed stablecoin EURAU via EMI license to AllUnity. Stablecoins are recognized as either e-money tokens or asset-referenced tokens under MiCAR and require full compliance with transparency, consumer protection, and reserve requirements.
