EUR stablecoins

Why this currency

The euro is the only currency other than the dollar with a genuinely competitive stablecoin field behind it. Every other currency on this map is served by one issuer, or by two that are not really competing. The euro has banks, licensed electronic money institutions and collateralised protocols all issuing at once, which makes it the only place where a reader can compare models against each other with the currency held constant.

MiCA is most of the reason. By creating a defined category for a token referencing a single official currency, it gave issuers a route to authorisation rather than a grey area to operate in, and a crowded field followed.

Sources: Circle, EURC product page, Circle, transparency page

Market structure

Three groups sit in the roster below. The bank affiliated issuers include SG-Forge with EURCV, AllUnity with EURAU, and Banking Circle with EURI. These come to the market with an existing balance sheet and an existing supervisor.

The licensed electronic money institutions include Circle, whose EURC is the most widely distributed euro coin, along with Monerium, Membrane Finance, Quantoz and Schuman Financial. These are payments businesses first, and the token is the product rather than a feature attached to one.

The collateralised protocols include Angle's EURA, 3A's EURO3, Parallel's PAR and dEURO. These hold collateral rather than a bank balance, and they are not electronic money tokens in the MiCA sense even when the peg is identical.

A reader picking a euro coin should start with which of those three they are looking at, because it determines what redemption means, who is on the other side of it, and whether any external party has ever counted the backing.

Sources: Circle, EURC product page, EURC Examination Report, reserve as of 30 June 2026, signed 29 July 2026 (PDF)

Regulation

Under MiCA a stablecoin referencing one official currency is an electronic money token, and issuing one into the EEA requires authorisation as a credit institution or an electronic money institution. Circle states that Circle Internet Financial Europe SAS is a licensed electronic money institution authorised to issue USDC and EURC as regulated e-money tokens under MiCA in the EEA.

Authorisation is not an audit. It governs who may issue, how redemption at par must work and what the issuer must publish. It does not mean an outside party has counted the reserve, and on this map those are recorded as two separate fields precisely so that a reader can tell a well supervised coin with thin disclosure from a well disclosed one.

EURC is currently the euro coin on this map with the strongest reserve disclosure, because Circle publishes a monthly examination report over the reserve signed by a named firm. Several other euro issuers here are equally well authorised and publish considerably less.

Sources: Circle, EURC product page, EURC Examination Report, reserve as of 30 June 2026, signed 29 July 2026 (PDF)

What this map tracks

DIA reads euro stablecoin supply from contract state on the chains it indexes, rather than taking one figure from an aggregator or from the issuer's own summary.

That matters more for the euro than for most currencies because euro coins tend to be deployed across many chains while being small in absolute size, and a listing that reports only the largest deployment can understate a coin substantially. Reading each deployment is the only way to see where the supply actually sits, and where DIA has not yet read one, the page marks the total partial rather than presenting it as complete.

On the reserve side, DIA records what the issuer has published and who signed it, and separates the issuing entity from the entity that made the assertion when those differ. On EURC they do differ, and the coin page names both.

Sources: Circle developer docs, EURC contract addresses, EURC Examination Report, reserve as of 30 June 2026, signed 29 July 2026 (PDF)

Common questions