Stablecoins are playing an increasingly important role in the crypto-asset ecosystem and in international digital payments. Unlike Bitcoin and other cryptocurrencies, which can fluctuate rapidly in price, a stablecoin aims to maintain a stable value by pegging itself to a reference asset, typically the euro or the US dollar. For businesses in Italy, the topic is particularly relevant given the new stablecoin taxation regulations set to take effect in 2026.

This article will explain what a stablecoin is and how it differs from other cryptocurrencies, how the European Markets in Crypto-Assets Regulation (MiCA) distinguishes between electronic money tokens (EMTs) and asset-referenced tokens (ARTs), as well as the characteristics of USDT (Tether), USDC (USD Coin), and EURC (Euro Coin). We will also analyze the new Italian tax treatment, focusing on euro-denominated stablecoins under the MiCA framework and the requirements set forth by the country’s tax legislation, the main uses for enterprises and professionals, and the options Stripe offers for stablecoin payments.

Key takeaways

• Stablecoins are crypto-assets designed to keep a relatively steady price compared to a reference asset, typically the euro or the dollar. They differ from Bitcoin or Ether, whose prices can fluctuate much more rapidly.
  
• Not all stablecoins work the same way: they might be pegged to a fiat currency, a commodity, or a basket of assets, and could use different mechanisms to maintain their value, such as reserves, collateral in other crypto-assets, or algorithmic rules.
  
• In the European Union, MiCA also governs euro-denominated stablecoins and distinguishes between various categories of tokens, including EMTs and ARTs.
  
• Effective January 1, 2026, Italian taxation of crypto-assets generally applies a 33% tax rate to capital gains classified as miscellaneous income, while certain euro-denominated EMTs remain subject to a 26% levy.
  
• For freelancers and companies, stablecoins can be used primarily for international payments and digital collections, reducing exposure to volatility compared to other cryptocurrencies. However, adopting them requires careful consideration of regulatory and fiscal issues, as well as the availability of services in one’s own country.
  

What are stablecoins, and how do they differ from other cryptocurrencies?

A stablecoin is a cryptocurrency designed to keep a relatively stable value relative to a reference asset. In most cases, this reference is an official currency, such as the US dollar or the euro. By contrast, the prices of Bitcoin or Ether,aren’t tied to an external value and can fluctuate significantly over short periods.

What can a stablecoin be pegged to?

A stablecoin can track several types of reference assets; the most common ones include:

• A single official currency, such as the euro or the US dollar. USDC, for example, aims to maintain a value close to \$1, while EURC is pegged to the euro.
  
• A raw material, such as gold.
  
• A basket of assets, which might contain multiple currencies, commodities, or other assets.
  

The asset to which the stablecoin is pegged determines the price level the token aims to maintain over time. Still, this reference must not be confused with the assets used to back its value.

How do stablecoins maintain their value?

Stablecoins can use different mechanisms to try to maintain their intended peg.

Some are backed by reserves of fiat currencies, such as euros or dollars, or by other financial assets; commodities or other crypto-assets might back others.

Algorithmic models also aim to preserve stability through automatic rules that adjust, for instance, the number of tokens in circulation, rather than relying solely on reserves to back the issued value.

For this reason, “stablecoin” does not mean its value is fully guaranteed. A stablecoin could temporarily or permanently lose its peg, a phenomenon known as a “depeg.” The risk varies depending on how the token is structured, the available collateral, and the mechanism used to maintain its value.

What is the difference between stablecoins and other cryptocurrencies?

The main difference lies in their intended purpose. Bitcoin, for example, does not seek to maintain parity with a currency, a commodity, or any other reference asset: its price depends primarily on market supply and demand. A stablecoin, by contrast, is designed to track its chosen benchmark closely. This characteristic can make it more suitable for certain payment applications, especially when seeking to avoid exposure to the sharp price fluctuations typical of many other crypto-assets.

However, regulatory treatment varies depending on the stablecoin’s characteristics. In the EU, MiCA establishes different categories, including EMTs and ARTs.

MiCA classification: EMT and ART

In the EU, MiCA classifies stablecoins based on the assets they track. The two main categories of stablecoins are EMTs and ARTs.

EMT

An EMT is a crypto-asset that aims to maintain a stable value by pegging it to a single official currency, such as the euro or the US dollar.

Therefore, stablecoins pegged to a single currency fall into this category, provided they meet MiCA’s requirements. The main characteristics of EMTs include the following:

• They refer to a single official currency
  
• The holder is entitled to redemption at face value in that currency
  
• In the EU, issuance is restricted to entities authorized under MiCA
  

EURC, for instance, is a euro-denominated EMT, while USDC is a dollar-denominated EMT in the European Economic Area (EEA). Still, sharing the EMT category does not mean they receive the same tax treatment in Italy. As we will see later, Italian legislation in 2026 establishes specific rules for certain euro-denominated EMTs.

ART

Their price can be tied to multiple reference assets, rather than to a single official currency.

An ART can reference:

• A combination of currencies
  
• One or more raw materials
  
• Other assets or rights
  
• A basket consisting of several assets
  

This category covers structures that are more complex than EMTs. This distinction matters because MiCA sets specific requirements for ART issuers, especially for reserves and managing the assets backing the tokens.

Why is the distinction between EMT and ART important for a business?

For those who use or intend to accept stablecoins, knowing whether a token is classified as an EMT or an ART is not merely a technical detail. The MiCA category affects the applicable regulatory framework and, in Italy, might also have tax implications. Specifically, the favorable treatment provided for starting in 2026 is limited to specific euro-denominated EMTs that meet the conditions outlined in Italian legislation.

Common stablecoins in Italy and Europe: USDT, USDC, and EURC

The global market remains heavily focused on dollar-pegged stablecoins. According to the European Central Bank, at the end of 2025, nearly the entire global supply of stablecoins was still priced in dollars, and USDT and USDC together accounted for about 90% of the market. Euro-denominated stablecoins, by contrast, had a market capitalization of just a few hundred million euros.

No equally detailed public ranking applies exclusively to Italy, but these three stablecoins illustrate the main differences an Italian enterprise might encounter:

Circle is authorized as an electronic money institution in France and designates both USDC and EURC as regulated EMTs under MiCA in the EEA. EURC is also backed by reserves held in euros.

From a tax perspective, the underlying currency and the token’s classification can have different consequences in Italy, shown below.

Taxation of stablecoins in 2026: When the 33% and 26% rates apply

Effective January 1, 2026, Italy’s crypto-asset taxation has changed. For capital gains and other income from crypto-assets that fall under the category of “miscellaneous income” as defined in Article 67, paragraph 1, letter c-sexies of the Consolidated Law on Income Tax Act (TUIR), the substitute tax has increased from 26% to 33%. The TUIR uses the term “miscellaneous income” to describe a specific category of taxable income that does not fall under the main tax categories, such as income from capital, employment, or business. Income from certain crypto-assets transactions falls under this category when it meets the law’s requirements. Legislation nonetheless provides an exception for certain euro-denominated EMTs, to which the 26% rate continues to apply.

When does the 26% tax rate apply to euro-denominated EMTs?

The reduced tax rate is not available across all euro-denominated stablecoins or every MiCA-compliant token. As provided for by Article 1, paragraph 28, of Law No. 199 of December 30, 2025 (the 2026 Budget Law), to qualify for the 26% rate, the token must meet the following specific conditions:

• It must be an EMT as defined by MiCA
  
• Its value must be permanently pegged to the euro
  
• Reserve funds must be held entirely in euro-denominated assets
  
• Reserves must be held with authorized entities in the EU
  

MiCA compliance alone is insufficient to qualify for the 26% tax rate. A dollar-denominated stablecoin falls outside this exception despite being classified as an EMT and complies with the MiCA regulatory framework.

Legislation also stipulates that a simple conversion of euros into a qualifying euro-denominated EMT, or the reverse, does not, for fiscal purposes, result in a capital gain or loss—that is, a gain or loss arising from a change in the token’s value. The same applies to redemption at face value in euros.

What does 33% mean for freelancers and companies?

Do not interpret the 33% tax rate as automatically applying to any stablecoin payment received by a professional or a company.

The rules described here apply to capital gains and other income from crypto-assets classified as miscellaneous income. Article 67 of the TUIR excludes income from the practice of arts, professions, or commercial enterprises from this category. If a freelancer or a business receives stablecoins as payment for goods or services, the fiscal treatment must instead be determined based on the nature of the transaction and the tax regime applicable to the activity.

Effective January 1, 2027, these rules will be recodified in the new TUIR (Legislative Decree No. 117/2026): income from crypto-assets will be governed by Article 76, paragraph 1, letter i), while the 33% and 26% rates and the specific rules for euro-denominated EMTs will be outlined in Article 304, paragraph 7.

When does converting stablecoins into euros not result in a taxable capital gain?

In simple terms, a capital gain is a profit from an increase in an asset’s value, while a capital loss is a loss. To illustrate, if you bought a crypto asset for €1,000 and later sold it for €1,100, you would have a capital gain of €100. By contrast, if you transferred it for €900, you would have a capital loss of €100.

For qualifying euro-denominated EMTs, legislation provides for a specific rule. Converting euros to a qualifying EMT or back again does not trigger a gain or loss. The same applies to redeeming the token at its face value in euros.

In practice, if you convert €1,000 into a euro-denominated EMT that meets the conditions outlined in the legislation and subsequently redeem its face value in euros, the conversion alone and the subsequent redemption are not treated as transactions generating a capital gain or loss for tax purposes.

The exclusion is limited to transactions covered by the law. It does not automatically extend to exchanges involving dollar-denominated stablecoins, conversions between different crypto-assets, or any yield accrued on tokens.

Stablecoins: Benefits and key use cases

Stablecoins offer several practical benefits in digital payments, especially when money needs to be transferred across countries. A blockchain-based stablecoin payment infrastructure supports 24/7 transfers, without being subject to bank hours, weekends, or holidays.

In many cases, transfers can be faster than some traditional international payments. Costs could also fall when a payment bypasses a long chain of intermediaries. However, this does not guarantee savings: fees and processing times depend on the blockchain used, the service chosen, and any conversion between stablecoins and fiat currency.

International payments for freelancers

For freelancers working with international clients, stablecoin payments offer an alternative to traditional bank transfers. The customer can send payment via blockchain, and the service provider then has the option to hold the stablecoin, use it, or convert it into their own currency.

This can be especially useful when dealing with customers in different countries, where international wire transfers, currency conversions, and intermediaries can increase processing times and costs.

Ecommerce regulations

In ecommerce, stablecoins support both receiving payments from customers and transferring funds to sellers, suppliers, or business partners.

A marketplace might need to distribute part of the proceeds to the sellers on the platform. Similarly, an ecommerce business could have suppliers or partners in other countries and use them to make international transfers without being subject to the same banking hours.

Another benefit compared with Bitcoin or Ether is the lower exposure to price fluctuations. A stablecoin pegged to the euro or the dollar is designed to keep its price relatively steady. This does not eliminate all risks: the token can lose its peg, and dollar-denominated tokens still expose an Italian company to fluctuations in the dollar-euro exchange rate.

How Stripe can help

Stripe Payments provides a unified, global payments solution that helps any business—from scaling startups to global enterprises—accept payments online, in person, and around the world. Businesses can accept stablecoin payments from almost anywhere in the world that settle as fiat in their Stripe balance.

Stripe Payments can help you:

• Optimize your checkout experience: Create a frictionless customer experience and save engineering time with prebuilt payment UIs and access to 125+ payment methods, including stablecoins and crypto.

• Expand to new markets faster: Reach customers worldwide and reduce the complexity and cost of multicurrency management with cross-border payment options, available in 195 countries across 135+ currencies.

• Unify payments in person and online: Build a unified commerce experience across online and in-person channels to personalize interactions, reward loyalty, and grow revenue.

• Improve payments performance: Increase revenue with a range of customizable, easy-to-configure payment tools, including no-code fraud protection and advanced capabilities to improve authorization rates.

• Move faster with a flexible, reliable platform for growth: Build on a platform designed to scale with you, with 99.999% historical uptime and industry-leading reliability.

Learn more about how Stripe Payments can power your online and in-person payments, or get started today.

FAQs about stablecoins