Crypto glossary
Asset-referenced token (ART)
An asset-referenced token (ART) is MiCA's category for crypto-assets that hold a stable value by referencing a basket of currencies or commodities.
Under the EU's Markets in Crypto-Assets Regulation, any stablecoin that is not tied to a single official currency is an asset-referenced token. That covers tokens pegged to several currencies at once, to gold or other commodities, or to a mix of crypto and traditional assets. Issuers need authorisation from a national supervisor, unless they are credit institutions, and must publish an approved white paper.
The category was written partly in response to Facebook's Libra project, a planned basket-backed global currency that alarmed central banks in 2019. Today it mainly applies to gold-backed tokens and a handful of multi-asset designs offered to European users, and its rules have applied since 30 June 2024.
ART issuers must hold a reserve of assets segregated from their own, keep minimum own funds, follow strict governance and give holders a permanent right of redemption. Significant ARTs face extra supervision by the European Banking Authority, and limits can apply when a token is widely used as a means of exchange in a single currency area. Like EMTs, ARTs cannot pay interest.
Example
A company issuing a token backed by a basket of euros, dollars and gold bars in the EU must obtain authorisation as an ART issuer and publish a white paper describing the reserve before offering it.