Payment tokens or cryptocurrencies are tokens intended to be used presently or later as a means of payment for acquiring goods or services, or as a means of money, or value transfer.
Utility tokens provide access to a digital application or service via a blockchain-based infrastructure. They are similar to vouchers, chips, or keys that can be redeemed.
Asset tokens represent assets such as debt or equity i.e. promise a share in future company earnings or capital flows. Put differently, they act analogous to equities, bonds, or derivatives.
Generally, stable coins are not governed by a specific regulation. Many confer a redemption claim on underlying assets or direct ownership rights.