Under the EU Markets in Crypto-Assets regulation, electronic money tokens must be pegged to a single official currency, redeemable at face value at any time, and prohibited from paying interest.

Tokens pegged to stable value, usually the US dollar, spanning issuers and reserves, depegs, and adoption by banks and payment networks.

Laws and rules for fiat-pegged tokens, from the US GENIUS Act to Europe's MiCA, covering reserves, licensing and yield restrictions.