Does MiCA refer directly to stablecoins?

MiCA does not use the exact term 'stablecoins,' as this is rather a colloquial term that, although widely referenced, is at the same time quite confusing to say the least. Instead, MiCA introduces two categories of crypto-assets which belong to 'stablecoins' family:

1. electronic money tokens, which are a type of crypto-assets that purport to maintain a stable value by referencing the value of one official currency, and

2. asset-referenced tokens, which purport to maintain a stable value by referencing another value, right, or a combination thereof, including one or more official currencies, and which are not defined as electronic money tokens at the same time.

The end result is that when we talk about 'stablecoins' within MiCA, we are usually referring to one of those categories of crypto-assets.