Stablecoins are regulated in the European Union under Regulation (EU) 2023/1114 on Markets in Crypto-assets. That Regulation establishes a bespoke legislative regime for ‘asset-referenced tokens’ and ‘electronic money tokens’. Both are crypto assets, i.e., digital representations of a value or a right that can be transferred and stored electronically using distributed ledger technology or similar technology. Both aim to maintain a stable value by referencing another value or right, a specified asset, pool, or basket of assets. Finally, existing EU financial services legislation covers none of them. This work describes the main features of those crypto assets. Current rules seek to provide legal certainty for issuers of stablecoins in the UE (by imposing a common set of provisions applicable to all of them regarding their authorisation, governance requirements, etc.), give appropriate protection for holders of those crypto assets (by regulating their rights against issuers, the rules applicable to crypto-asset white papers or the marketing communications), or address potential financial stability and monetary policy risks that could arise from their use as a means of exchange (by monitoring or restricting the issuance).