Global Stablecoin Regulation

Germany

Last Updated: May 20, 2026

Plasma

Last Updated: May 20, 2026

Germany regulates stablecoins under the EU Markets in Crypto-Assets Regulation (MiCA) alongside national laws (KWG, ZAG). BaFin is the lead supervisor. MiCA treats e-money tokens (EMTs), such as euro-backed stablecoins, as electronic money requiring authorisation and strong consumer-protection, reserve, and transparency rules. Asset-referenced tokens (ARTs) are also permitted with MiCA authorisation and prudential conditions. Algorithmic or unbacked designs are effectively excluded from the MiCA issuance perimeter.

BaFin – MiCAR overview

MiCA Regulation (EU) 2023/1114 (EUR-Lex)

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Legal Status

Legal with restrictions

Regularity Clarity

5/5

Regime Status

In-Force

Allowed Types

Fiat Referenced

Asset Referenced

Classification

Crypto Asset

E-Money

E-money when qualifying as an EMT under MiCA/ZAG; otherwise a crypto-asset/financial instrument under KWG, depending on structure.

BaFin – Merkblatt (crypto custody/crypto assets, KWG §1(11))

MiCA – EMT/ART definitions

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Regulatory Authorities

BaFin (Federal Financial Supervisory Authority)

National competent authority for MiCA authorisations and supervision (issuers and CASPs), and for ZAG/KWG compliance.

Deutsche Bundesbank

Cooperates with BaFin on supervision; macroprudential and financial-stability analysis; member of the Financial Stability Committee.

Top Issuers

Circle (USDC, EURC)

AllUnity (EURAU)

Monerium (EURe)

SGForge (EURCV, USDCV)

Paxos (USDG, USDP, PYUSD)

Consumer Protection

Reserve Requirements

EMTs/ARTs must be fully backed by high-quality, low-risk assets. EBA RTS specify reserve composition and add-ons for significant issuers.

Auditing

Regular independent attestations and audits with supervisory reporting, including whitepapers, periodic reserve statements, and audited financials. Enhanced requirements apply to significant tokens.

Redemption Rights

Par redemption in the reference currency. Issuers must ensure timely redemption and detailed mechanisms in the approved whitepaper.

Recent Developments

Remittance Race

Find the cheapest and fastest way to send money abroad, comparing traditional methods alongside stablecoin options like Plasma.