Europe stablecoins

Overview

Europe carries the deepest non-dollar stablecoin cluster on this map. The euro is the only currency other than the dollar with a genuinely competitive issuer field behind it, and the coins listed here come from three separate regulatory perimeters rather than one: the European Union under MiCA, the United Kingdom under its own developing 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

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, AllUnity is a joint venture with Deutsche Bank behind it, and Banking Circle issues EURI. The other is crypto native, with Circle's EURC the most widely distributed, and Monerium, Angle, Quantoz and Membrane Finance building underneath it on different models.

Sterling is thin by comparison and the coins on it are small. tGBP is the one with a live product surface and published reserve language, and it is also the coin in this region where the issuer's own reported figure and its onchain contracts diverged most sharply when we read them.

The Swiss franc cluster deserves separating out. Frankencoin is a collateralised protocol rather than a fiat issuer, and VNX and SwissCoast operate from outside the European Union. None of them falls under MiCA, and none should be compared to a euro e-money token as though it answered the same question.

Sources: Circle, EURC product page, Tokenised GBP transparency page, Companies House, BCP TECHNOLOGIES LTD, company number 11121448

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. On this map those are recorded as two separate things, because a coin can be properly authorised and thinly disclosed at the same time, and readers who collapse the two will misprice exactly the coins that most reward attention.

The United Kingdom and Switzerland each run their own perimeter. A coin appearing in the roster below under GBP or CHF is outside everything described above.

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 supply for the coins on this page from contract state on the chains it indexes, rather than taking one figure from an aggregator or from the issuer's own summary. That set is smaller than the set of chains these coins are deployed to, and where a page shows a partial read it says so and the figure should be read as a floor. In Europe the method has produced two results worth stating.

For EURC, the issuer publishes a monthly examination report over the reserve, signed by a named firm. Our per chain reads sit next to it as an independent measure of the token side, which is the half of the balance an attestation does not cover.

For tGBP, the issuer's own transparency page reported a figure far below what its contracts held when we read them in July 2026, and that same page omitted two of the chains the issuer deploys to. Neither gap is visible to anyone reading the summary rather than every deployment.

Sources: EURC Examination Report, reserve as of 30 June 2026, signed 29 July 2026 (PDF), Tokenised GBP transparency page

Common questions