MiCA Token Classification

2214 tokens mapped to EU MiCA regulation categories with independent risk ratings.

ZARQ classifies 2214 tracked tokens under the EU Markets in Crypto-Assets (MiCA) regulation framework. 72 tokens qualify as E-Money Tokens (EMT), 96 as Asset-Referenced Tokens (ART), and 2046 as general Utility Tokens / Crypto-Assets. Each token's ZARQ risk rating provides an independent assessment complementary to MiCA compliance.

E-Money Tokens

Asset-Referenced Tokens

2046

Utility Tokens

[EMT] E-Money Token (EMT)

E-Money Tokens reference a single official currency and aim to maintain a stable value. Under MiCA, EMT issuers must be authorized as credit institutions or e-money institutions, maintain 1:1 reserves, and provide redemption rights.

72 tokens

Token	Symbol	Category	Rating	Risk
MoneyOnChain	MOC	Dual-Token Stablecoin	NR	N/A
fx Protocol	FXN	Dual-Token Stablecoin	NR	N/A
Mento	MENTO	Algo-Stables	NR	N/A
Lumi Finance	LUA	Algo-Stables	NR	N/A
DefiDollar DAO	DFD	Algo-Stables	NR	N/A
UXD	UXP	Partially Algorithmic Stablecoin	NR	N/A
Basis Cash	BAC	Algo-Stables	NR	N/A
Frax FPI	FPIS	Algo-Stables	NR	N/A
Dopple Finance	DOP	Algo-Stables	NR	N/A
OrderNChaos	CHAOS	Algo-Stables	NR	N/A
NOME Protocol	NOME	Algo-Stables	NR	N/A
Oin Finance	OIN	Algo-Stables	NR	N/A
DarkCrypto	DARK	Algo-Stables	NR	N/A
B2B	B2B	Algo-Stables	NR	N/A
Tulip	TULIP	Algo-Stables	NR	N/A
Chi Protocol	CHI	Partially Algorithmic Stablecoin	NR	N/A
Spice Trade	SPICE	Algo-Stables	NR	N/A
OpenDAO	POPEN	Algo-Stables	NR	N/A
Based Farm	BASED	Algo-Stables	NR	N/A
Savanna Finance	SVN	Algo-Stables	NR	N/A
Particles Money	PARTICLE	Algo-Stables	NR	N/A
Algomint	GOMINT	Algo-Stables	NR	N/A
Based V1	BASED	Algo-Stables	NR	N/A
Coffin Finance	COFFIN	Algo-Stables	NR	N/A
SaharaDAO	MNG	Algo-Stables	NR	N/A
Creditum	CREDIT	Algo-Stables	NR	N/A
Snake Finance	SNAKE	Algo-Stables	NR	N/A
Fei Protocol	TRIBE	Algo-Stables	NR	N/A
ArbiTen	ARBITEN	Algo-Stables	NR	N/A
Magnet DAO	MAG	Algo-Stables	NR	N/A
Fantasm	FSM	Algo-Stables	NR	N/A
Zai Finance	ZAI	Algo-Stables	NR	N/A
Kitty Finance	KITTY	Algo-Stables	NR	N/A
Unite Finance	UNITE	Algo-Stables	NR	N/A
Scarab Finance	SCARAB	Algo-Stables	NR	N/A
ChargeDeFi	CHARGE	Algo-Stables	NR	N/A
Bomb Money	BOMB	Algo-Stables	NR	N/A
Hermes Finance	HERMES	Algo-Stables	NR	N/A
2omb Finance	2OMB	Algo-Stables	NR	N/A
Paprprintr	PAPR	Algo-Stables	NR	N/A
Grape Finance	GRAPE	Algo-Stables	NR	N/A
Hades Money	HADES	Algo-Stables	NR	N/A
Specter Finance	SPECTER	Algo-Stables	NR	N/A
Comfy Money	COMFY	Algo-Stables	NR	N/A
Magik Finance AlgoStable	MAGIK	Algo-Stables	NR	N/A
Snowtomb	STOMB	Algo-Stables	NR	N/A
DNA Dollar	DNA	Algo-Stables	NR	N/A
Oceanus	SEA	Algo-Stables	NR	N/A
IceCream Finance	CREAM	Algo-Stables	NR	N/A
Athena Money	OWL	Algo-Stables	NR	N/A

...and 22 more tokens

[ART] Asset-Referenced Token (ART)

Asset-Referenced Tokens reference multiple currencies, commodities, or other assets. MiCA requires ART issuers to maintain adequate reserves, publish regular reports, and comply with governance requirements.

96 tokensSAFE 2 WATCH 1 WARNING 1

Token	Symbol	Category	Rating	Risk
Lido	LDO	Liquid Staking	Ba1	WATCH
EigenCloud	EIGEN	Restaking	Ba1	WARNING
Tether Gold	XAUT	RWA	A3	SAFE
Babylon Protocol	BABY	Restaking	NR	N/A
Paxos Gold	PAXG	RWA	Baa1	SAFE
BlackRock BUIDL	BUIDL	RWA	NR	N/A
Rocket Pool	RPL	Liquid Staking	NR	N/A
mETH Protocol	COOK	Liquid Staking	NR	N/A
Renzo	REZ	Liquid Restaking	NR	N/A
Exod	EXOD	RWA	NR	N/A
Stader	SD	Liquid Staking	NR	N/A
Usual USD0	USUAL	RWA	NR	N/A
BlazeStake	BLZE	Liquid Staking	NR	N/A
stUSDT	STUSDT	RWA	NR	N/A
ORIGYN	OGY	RWA	NR	N/A
Veno Finance	VNO	Liquid Staking	NR	N/A
Brickken	BKN	RWA	NR	N/A
SatLayer	SLAY	Anchor BTC	NR	N/A
LiNEAR Protocol	LNR	Liquid Staking	NR	N/A
Bifrost Liquid Staking	BNC	Liquid Staking	NR	N/A
Alchemix	ALCX	Synthetics	NR	N/A
T RIZE	RIZE	RWA	NR	N/A
Amnis Finance	AMI	Liquid Staking	NR	N/A
Youves	YOU	Synthetics	NR	N/A
Hypha	GGP	Liquid Staking	NR	N/A
Ankr	ANKR	Liquid Staking	NR	N/A
Fragmetric	FRAG	Liquid Restaking	NR	N/A
GETH	GETH	Liquid Staking	NR	N/A
Zeus Network	ZEUS	Decentralized BTC	NR	N/A
Republic Note	NOTE	RWA	NR	N/A
Stride	STRD	Liquid Staking	NR	N/A
Mansory	MNSRY	RWA	NR	N/A
Uranium.io	XU3O8	RWA	NR	N/A
WaterNeuron	WTN	Liquid Staking	NR	N/A
Hamilton Lane Senior Credit Opportunities Securitize Fund	HLSCOPE	RWA	NR	N/A
Stafi	FIS	Liquid Staking	NR	N/A
SHUI	SHUI	Liquid Staking	NR	N/A
Aria Protocol	ARIAIP	RWA	NR	N/A
LandX Finance	LNDX	RWA	NR	N/A
Suzaku	SUZ	Restaking	NR	N/A
Gold DAO	GLDGOV	RWA	NR	N/A
CRETH2	CREAM	Liquid Staking	NR	N/A
KlimaDAO	KLIMA	RWA	NR	N/A
Propbase	PROPS	RWA	NR	N/A
Nucleon	NUT	Liquid Staking	NR	N/A
CANA Holdings California Carbon Credits	CANA	RWA	NR	N/A
deFusion	DEF	Liquid Staking	NR	N/A
CACHE.Gold	CGT	RWA	NR	N/A
Landshare	LAND	RWA	NR	N/A
Wrap Protocol	WRAP	Synthetics	NR	N/A

...and 46 more tokens

[CA] Utility Token / Crypto-Asset

Crypto-assets that do not qualify as EMT or ART fall under the general crypto-asset regime. This includes utility tokens, governance tokens, and other digital assets. MiCA requires whitepapers and basic consumer protections.

2046 tokensSAFE 10 WATCH 36 WARNING 16 CRITICAL 13

Token	Symbol	Category	Rating	Risk
OKX	-	CEX	Baa3	WATCH
Gate	GT	CEX	Baa3	WARNING
JustLend	JST	Lending	Baa2	SAFE
Pendle	PENDLE	Yield	Ba1	WARNING
Polygon Bridge & Staking	POL	Chain	Baa3	WATCH
Falcon Finance	FF	Basis Trading	Baa3	SAFE
Portal	W	Bridge	NR	N/A
Bitkub	KUB	CEX	NR	N/A
Obol	OBOL	Staking Pool	NR	N/A
Bitmex	BMEX	CEX	NR	N/A
SwissBorg	BORG	CEX	Baa3	SAFE
Convex Finance	CVX	Yield	Ba2	WATCH
Tornado Cash	TORN	Privacy	NR	N/A
Starknet Bridge	STRK	Canonical Bridge	Ba1	CRITICAL
Quickswap Dex	QUICK	Dexs	NR	N/A
Phemex	PT	CEX	NR	N/A
Nexo	NEXO	CEX	Baa3	WATCH
Dolomite	DOLO	Lending	NR	N/A
xDAI Stake Bridge	STAKE	Canonical Bridge	NR	N/A
Mantle Bridge	MNT	Canonical Bridge	NR	N/A
UniRouter	URO	Bridge	NR	N/A
Connext	NEXT	Bridge	NR	N/A
PinkSale	PINKSALE	Launchpad	NR	N/A
CoinEx	CET	CEX	NR	N/A
Fraxtal	FXTL	Chain	NR	N/A
Resolv	RESOLV	Basis Trading	NR	N/A
Treehouse Protocol	TREE	DOR	NR	N/A
Stake DAO	SDT	Yield	NR	N/A
Beefy	BIFI	Yield Aggregator	NR	N/A
Benqi Lending	QI	Lending	NR	N/A
Yield Basis	YB	Leveraged Farming	NR	N/A
Aave V2	AAVE	Lending	Ba1	WATCH
Tectonic	TONIC	Lending	NR	N/A
Reserve Protocol	RSR	Indexes	NR	N/A
Aura	AURA	Yield	NR	N/A
Multichain	MULTI	Bridge	NR	N/A
Flying Tulip	FT	Services	A3	SAFE
Nexus Mutual	NXM	Insurance	NR	N/A
Avantis	AVNT	Derivatives	NR	N/A
sDAI	SDAI	Yield	NR	N/A
Enzyme Finance	MLN	Indexes	NR	N/A
Railgun	RAIL	Privacy	NR	N/A
AUTOfinance	TOKE	Yield	NR	N/A
Kinetic	JOULE	Lending	NR	N/A
Frankencoin	ZCHF	CDP	NR	N/A
Thorchain DEX	RUNE	Dexs	Ba1	WATCH
SushiSwap	SUSHI	Dexs	NR	N/A
Bwatch	BOX	Indexes	NR	N/A
AlphaLend	BLUE	Lending	NR	N/A
ZEROBASE CeDeFi	ZBT	Basis Trading	NR	N/A

...and 1996 more tokens

Frequently Asked Questions

What is MiCA and how does it affect crypto tokens?

The Markets in Crypto-Assets Regulation (MiCA, Regulation 2023/1114) is the EU's comprehensive framework for crypto-asset regulation. It classifies tokens into three categories: E-Money Tokens (EMTs) pegged to fiat currencies, Asset-Referenced Tokens (ARTs) backed by baskets of assets, and general crypto-assets. MiCA imposes different requirements for each category, including reserve requirements, transparency obligations, and governance standards.

How does ZARQ classify tokens under MiCA?

ZARQ maps each token to a MiCA category based on its economic function and backing mechanism. Stablecoins pegged to a single fiat currency (USDT, USDC, DAI, etc.) are classified as E-Money Tokens. Tokens backed by commodities or asset baskets (PAXG, XAUt, liquid staking derivatives) are Asset-Referenced Tokens. All other tokens default to the general Utility Token / Crypto-Asset category. Currently 72 EMTs, 96 ARTs, and 2046 utility tokens are classified.

Does a ZARQ rating replace MiCA compliance?

No. ZARQ ratings are independent quantitative risk assessments based on market signals, structural integrity, and crash probability models. They complement but do not replace MiCA compliance requirements. A high ZARQ trust score indicates lower quantitative risk, but it does not certify regulatory compliance. Token issuers must independently comply with MiCA requirements through authorized entities in EU member states.

Disclaimer: ZARQ MiCA classifications are informational mapping based on token economic characteristics. They do not constitute legal advice or regulatory determination. Consult qualified legal counsel for compliance obligations.