MiCA requires electronic money token issuers to operate a full-reserve model, requiring significant issuers to keep at least 60% of reserve assets in bank deposits.

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.