Stablecoin Infrastructure for Regulated Issuers — The MiCA Issuer Playbook

Gated guide — outline. The full playbook is available on request below.

MiCA has done what most regulated firms quietly hoped it wouldn't: it made issuing a stablecoin an achievable, supervised activity for European EMIs, credit institutions and well-capitalised CASPs. The next wave of euro-denominated EMTs and ARTs will not come from crypto-native startups; it will come from your peers.

This playbook is the document for institutions that have decided "we are going to issue" — and now need an infrastructure plan that survives the MiCA audit and the first redemption stress.

Who this guide is for

EMIs and Payment Institutions preparing to issue an EMT under MiCA Title III
Credit institutions evaluating euro-denominated stablecoin issuance alongside deposit and e-money products
CASPs and digital asset banks preparing an ART issuance or distributing a third-party EMT at scale
Treasurers, Heads of Digital Assets and CROs who own the operational, prudential and reserve mandate
Compliance and Legal leaders translating MiCA, AML6 and Travel Rule into runnable processes

If your organisation has decided to issue — or is six months from deciding — this is for you.

Key questions the full guide answers

What does MiCA actually permit and require for EMT and ART issuers, in operational terms?
How do you design reserve composition, custody and segregation to satisfy the regulator and the auditor?
What is a defensible redemption SLA — and how do you architect for it without sitting on idle liquidity?
How do you run on-chain and off-chain reconciliation in real time, across multiple chains?
How do you handle AML/KYC, Travel Rule, sanctions and on-chain monitoring at issuance and on the secondary market?
What does the integration stack look like — core ledger, custody, on-chain issuance, redemption, treasury, monitoring?
What are the prudential, ICAAP, recovery and resolution implications you need to be ready for?

What's inside — section outline

1. The MiCA EMT and ART regimes — operational reading. What the regulation actually obliges you to do day to day, beyond the licensing summary. Significant vs. non-significant thresholds and what changes at each tier.

2. The issuance flow. Mint, burn, primary distribution and secondary market participation. How orders flow from a customer or distributor to the on-chain mint, and the controls at each step.

3. Reserve management. Composition rules, eligible assets, custody arrangements, segregation, daily attestation and the reporting cadence supervisors expect. Why "reserve management" is really a treasury-and-controls problem, not a custody one.

4. Redemption SLAs and stress design. Designing the redemption funnel, sizing liquidity buffers, planning for bank-holiday and adverse scenarios, and the single most underestimated risk: concentrated redemption from a small number of distributors.

5. On-chain and off-chain reconciliation. Real-time reconciliation of the on-chain supply against the off-chain ledger and the reserve. Multi-chain considerations. What "broken peg" actually means at the infrastructure level.

6. AML, sanctions and Travel Rule. Issuance-side KYC, redemption-side KYC, secondary-market monitoring, blacklist/freeze controls, and the reporting interfaces with FIUs and supervisors.

7. The full tech stack. Core ledger, custody (HSM, MPC, qualified custodian), on-chain issuance contracts, oracle and monitoring layer, treasury management, redemption rails. What CoreFi provides, what we integrate, what you keep.

8. Prudential and resilience. ICAAP/ILAAP impact, DORA register implications, recovery and resolution planning, and a non-trivial legal-entity discussion.

What you'll walk away with

A target-operating-model sketch for your stablecoin issuance, calibrated to your licence and risk appetite
A reserve and redemption design you can defend in front of a supervisor
A reference architecture mapping reserves, ledger, custody, on-chain and monitoring layers
A regulatory and prudential checklist for MiCA, DORA, AML6 and Travel Rule

Request the full playbook

We share the full playbook by email after a short qualification — we use it in working sessions with EMIs, banks and licensed digital asset firms preparing to issue.

Already drafting your MiCA submission? — we'll review your reserve and redemption design alongside the playbook.