Stablecoins (ART / EMT)
Crypto-Backed Stablecoin
A stablecoin collateralised by crypto-assets — typically over-collateralised due to underlying volatility.
Definition
A crypto-backed stablecoin maintains stable value through over-collateralisation with other crypto-assets. Examples include DAI (collateralised by ETH and other crypto-assets). Under MiCA, these often fall outside the EMT/ART definitions if the value-reference mechanism is to crypto rather than fiat or other assets.