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