MiCA has two token regimes. One of them has produced nothing. The EBA's response to the Commission's MiCA review consultation puts a date on it: as at 1 September 2026, 39 electronic money tokens have been issued under MiCA, and 0 asset-referenced tokens authorised under Title III. Of those 39, 36 were issued by electronic money institutions. Three credit institutions issue directly, one through a subsidiary. A regime can be in force and still be empty.
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