Multi-currency stablecoins

A multi-currency stablecoin calculates its target from a basket, for example of euros and dollars. Weights and methodology determine how the value changes with exchange rates. Stability against a basket does not mean a stable price against each component currency.

The design must specify reserves or collateral, rebalancing and what a holder receives on redemption. A euro-denominated token is not multi-currency simply because it can be bought with dollars or traded in several countries.

MiCA defines ARTs as tokens seeking a stable value by referencing another value or right, or a combination of them, including one or more official currencies. EMTs reference one official currency. Specific classification and obligations require examining the product rather than its commercial name.