Europe stablecoins

Overview

Most coins listed here come from three separate regulatory perimeters: the European Union under MiCA, the United Kingdom under its own regime, and Switzerland, which sits outside both.

That distinction matters for how this page should be read. A euro coin and a Swiss franc coin sitting side by side in the roster below are not subject to the same rules, and neither the listing nor the peg currency tells you which regime applies. The issuer's own legal entity does. On any coin you open from here, that is the field worth checking first.

Sources: Circle, EURC product page, Tokenised GBP, Frankencoin compliance page, ESMA interim MiCA register, e-money token white papers (EMTWP.csv)

Market structure

The euro side splits into two kinds of issuer. One is bank affiliated: SG-Forge, the digital assets arm of Societe Generale, issues EURCV, and Banking Circle, a Luxembourg-licensed bank, issues EURI. The other is made up of e-money institutions and protocols outside the banking groups: Circle issues EURC, AllUnity, established by DWS, Flow Traders and Galaxy, issues EURAU, Monerium issues EURe and Quantoz issues EURQ. Angle's EURA is a protocol coin in an orderly wind-down, redeemable 1:1 until 1 March 2027.

On sterling, tGBP is issued by BCP Technologies Ltd, which publishes monthly reserve attestations and an onchain supply count for each network it deploys to.

The Swiss franc cluster deserves separating out. Frankencoin is a collateralised protocol with no issuer, and its legal opinion says MiCA issuer duties do not apply to it. HCHF is minted by the HLiquity protocol on Hedera, which Swisscoast AG built.

Sources: Circle, EURC product page, SG-FORGE, CoinVertible, Eurite (EURI), about, AllUnity homepage, Monerium, Quantoz, Angle, Tokenised GBP transparency page, Companies House, BCP TECHNOLOGIES LTD, company number 11121448, Frankencoin compliance page, Swisscoast

Regulation

MiCA gives the European Union a single category for most of the coins on this page. A token referencing one official currency is an electronic money token, and issuing one into the EEA requires authorisation as a credit institution or as 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.

It is worth being precise about what that authorisation covers. It governs who may issue, how redemption at par must work, and what the issuer is obliged to publish. It is not an examination of the reserve, and it is not a finding that any particular reserve has been counted by anyone.

The United Kingdom and Switzerland each run their own perimeter, but the peg currency alone does not place a coin outside MiCA. ESMA's interim MiCA register lists e-money token white papers for sterling and Swiss franc tokens, including Quantoz's GBPQ and AllUnity's CHFAU, and Frankencoin states that the ZCHF white paper appears in the same register as a crypto-asset other than an e-money token.

Sources: Circle, EURC product page, Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA), EUR-Lex, ESMA interim MiCA register, e-money token white papers (EMTWP.csv), Frankencoin compliance page, EURC Examination Report, reserve as of 30 June 2026, signed 29 July 2026 (PDF)

Common questions