Stablecoin
A stablecoin is a crypto-asset designed to hold a steady value by referencing a fiat currency or other asset, most commonly the US dollar. Under MiCA, fiat-referenced stablecoins are regulated as e-money tokens or asset-referenced tokens, with issuer, reserve, and disclosure requirements.
A business settling in stablecoins still needs a compliant fiat bridge and, in the EU, exposure to MiCA’s token rules, so treating stablecoin flow as outside the regulatory perimeter is a common and costly mistake. Structuring stablecoin settlement with the right licensing and banking is what keeps it usable at scale.
MiCA is the EU’s harmonized regulatory framework for crypto-assets, covering issuers of asset-referenced and e-money tokens plus CASPs providing exchange, custody, and trading services.
An on-ramp converts fiat currency into crypto; an off-ramp converts crypto back into fiat.
A Virtual Asset Service Provider is a business registered or licensed to exchange, custody, or transfer crypto assets on behalf of customers, a classification introduced by the FATF Travel Rule and adopted into national registration regimes across most jurisdictions that touch fiat rails.
Crypto-Asset Service Provider is the MiCA-era EU term replacing national VASP registrations for firms providing custody, exchange, trading platform, or advisory services on crypto-assets.