Euro stablecoins (EUR)
16 stablecoins pegged to the euro, from 16 issuers. Supply is read directly from the contracts DIA verified.
Stablecoin supply
FX turnover share
Reserve share
Trade invoicing share
FX turnover share is one side of a currency trade, so all currencies' shares sum to 200% by BIS convention. Reserve and invoicing shares are only published for a handful of currencies; a dash means that source does not break EUR out individually, not that its share is zero.
Net new EUR supply
Change in the circulating supply of the 19 of 19 EUR coins counted here (including 3 inactive coins that held supply in the window), as reported by aggregated market data. Both endpoints come from that source, so the dollar figure is a statement about it, not about the onchain supply DIA reads from the contracts, which is a different measurement of the same bloc. Coins that appeared part-way through a window are excluded, so this is supply added by coins that existed throughout rather than by the arrival of new ones.
| Coin | Issuer | Peg | Backing | Onchain supply | Chains |
|---|---|---|---|---|---|
 EURCEuro Coin | Circle | EUR | Cash & money-market | 450.9M EURC |      Avalanche, Tempo, World Chain, Cronos, Plasma |
| SG-FORGE | EUR | Cash & money-market | 173.2M EURCV |  | |
| Banking Circle | EUR | Cash & money-market | 32.6M EURI |  | |
 EUReMonerium EUR emoney | Monerium | EUR | Cash & money-market | 25.9M EURe |     Linea, Base |
| Schuman Financial | EUR | Cash & money-market | 13.9M EUROP |  Plasma | |
 EURSSTASIS Euro | STASIS | EUR | Cash & money-market | 7.0M EURS |  |
| Quantoz | EUR | Cash & money-market | 6.3M EURQ | | |
 EURAEURA (formerly agEUR) | Angle | EUR | Other stablecoins | 1.5M EURA |  |
 EURmMento Euro | Mento | EUR | Crypto collateral | 1.4M EURm |  |
| Parallel Protocol | EUR | Crypto collateral | 1.3M PAR |  | |
| dEURO | EUR | Crypto collateral | 1.2M dEURO | | |
| Newrails | EUR | Cash & money-market | Awaiting onchain sync |  | |
 EURAUAllUnity EUR | AllUnity | EUR | Cash & money-market | 264.7K EURAU | |
| Anchored Coins | EUR | Cash & money-market | 37.3K AEUR | | |
| 3A DAO | EUR | Crypto collateral | 22.9K EURO3 |  | |
 eEURARYZE eEUR | ARYZE | EUR | Cash & money-market | 16.7K eEUR |  Arbitrum |
Why this currency
The euro has banks, licensed electronic money institutions and collateralised protocols all issuing stablecoins against it, which lets a reader compare issuance models with the currency held constant.
MiCA, the EU's Markets in Crypto-Assets Regulation, defines an e-money token as a crypto-asset that purports to maintain a stable value by referencing the value of one official currency. It also sets out the conditions under which such a token may be offered to the public in the Union.
Sources: Regulation (EU) 2023/1114 (MiCA), EUR-Lex, Circle, EURC product page
Market structure
Most of the active coins in the roster below fall into three groups. The bank and bank group issuers include Banking Circle, a Luxembourg credit institution issuing EURI, and SG-Forge, the Société Générale subsidiary issuing EURCV. These come to the market with a bank behind them and an existing supervisor.
The licensed electronic money institutions include Circle, which issues EURC through Circle Internet Financial Europe SAS, along with AllUnity (EURAU), Monerium (EURe), Quantoz (EURQ) and Schuman Financial, whose EUROP is issued by Salvus SAS.
The collateralised protocols include Angle's EURA, 3A's EURO3, Parallel's PAR and dEURO. These are backed by collateral held in smart contracts rather than by funds an issuer holds at a bank, and none of them appears in ESMA's interim register of e-money token white papers. Angle's EURA is in an orderly wind-down, with 1:1 redemption until 1 March 2027.
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, ESMA interim MiCA register, e-money token white papers (EMTWP.csv), Angle, home page (wind-down notice)
Regulation
Under MiCA a stablecoin referencing one official currency is an e-money token. Offering one to the public in the Union, or seeking its admission to trading there, requires its issuer to be authorised as a credit institution or an electronic money institution and to publish a crypto-asset white paper. 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, the holder's right to redeem at any time and at par value, and what the issuer must publish. MiCA mandates an independent audit of the reserve every six months only for electronic money institutions issuing significant e-money tokens, unless a supervisor requires the same of a smaller issuer, so authorisation alone does not mean an outside party has counted the reserve.
Sources: Regulation (EU) 2023/1114 (MiCA), EUR-Lex, Circle, EURC product page
Common questions
Those offered to the public in the EU as e-money tokens are, and MiCA requires their issuer to be authorised as a credit institution or an electronic money institution. Collateralised protocol euros such as EURA, EURO3 and PAR are not issued by a MiCA-authorised institution, and none of them appears in ESMA's interim register of e-money token white papers.
No. Authorisation governs who may issue, how redemption at par works and what must be published. MiCA mandates an independent audit of the reserve every six months only for electronic money institutions issuing significant e-money tokens, unless a supervisor requires the same of a smaller issuer.