“Financial distress at one ART [asset-referenced token] or EMT [e-money token] the issuer may substantially increase the likelihood of difficulties with other issuers of cryptoassets or with other financial institutions given the network of contractual obligations in which the issuers operate,” said the document seen by CoinDesk, referring to the two categories of stablecoins set out in the MiCA, whose value is tied to fiat currency or other assets.