Q&A · ESMA
Derivatives settled in stablecoins
Forwarded to the Commission
Read the official text on the ESMA website(opens in a new tab)AI-generated Summary
Asks whether derivatives settled in MiCA stablecoins (asset-referenced or e-money tokens) can be financial instruments under Section C of Annex I MiFID II as cash-settled derivatives, and whether unauthorised stablecoins may be used for settlement. ESMA forwarded it to the Commission; there is no answer yet.
Details
| Reference | ESMA_QA_2655 |
|---|---|
| Issuer | ESMA |
| Published | 26 Sept 2025 |
| Submitted | 26 Sept 2025 |
| ESMA topics | Best Execution |
Provisions it relates to
- Annex I MiFID II · LISTS OF SERVICES AND ACTIVITIES AND FINANCIAL INSTRUMENTSInferred · 90%
- MiFID II (whole act)Explicit reference