Stablecoins (ART / EMT)
Fiat-Backed Stablecoin
A stablecoin backed 1:1 by fiat currency reserves — typically an EMT under MiCA Title IV.
Definition
A fiat-backed stablecoin maintains stable value by holding fiat currency reserves. Under MiCA, single-currency fiat-backed stablecoins are EMTs (Title IV); multi-currency or basket-backed are ARTs (Title III). Examples: USDC (USD-backed), Société Générale EUR CoinVertible.