This work offers a legal analysis of stablecoins, a novel form of cryptocurrency that has emerged as a distinctive alternative to previous cryptocurrencies, which are characterised by their oscillating and highly volatile value, making them unsuitable for use as a payment instrument or functional legal tender equivalent. The pivotal legal framework for stablecoins is the Markets in Crypto-Assets Regulation (MiCA), which addresses the conceptual aspects of stablecoins. Despite its presence in MiCA, stablecoins lack a specific legal definition therein. The Regulation’s classification is based on whether crypto assets aim to stabilise their value relative to other assets. This chapter, therefore, focuses on the in-depth examination of the two subcategories of the Regulation that fall under the umbrella of stable crypto assets: asset-referenced tokens and electronic money tokens. We delve into their unique characteristics, including their vocation for stability and, in turn, the intriguing differences between the two subcategories.