Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply
<0.1% of EUR stablecoin supply · 13th of 16 EUR stablecoins with supply
Peg today
above 1 EUR
Chains
8th of 15 EUR stablecoins read on chain · median 4
Holders on Ethereum
10th of 10 EUR stablecoins scanned on Ethereum
EURAU is a EUR stablecoin issued by AllUnity, launched on 31 Jul 2025.
EURAU is a euro-denominated stablecoin issued by AllUnity GmbH, a Frankfurt-based electronic money institution licensed by Germany's Federal Financial Supervisory Authority, BaFin. It launched on 31 July 2025. AllUnity is a joint venture of DWS (Deutsche Bank), Flow Traders and Galaxy Digital, and EURAU is issued as an e-money token under the EU's Markets in Crypto-Assets Regulation, MiCAR.
EURAU is fully backed one to one by euro-denominated reserves held at authorised credit institutions within the European Union, in accounts kept separate from AllUnity's operational funds.
AllUnity runs a trust centre that displays a live circulation and reserves figure and lists a reserve audit report as coming soon. Published smart contract audits from Softstack, Oak Security and Hacken cover the token's onchain logic.
Sources: AllUnity Trust Center, EURAU White Paper v1.3 (AllUnity), AllUnity: EURAU launch announcement, 31 July 2025
264.7K EURAU in circulation across 4 chains; Ethereum carries 95.6%. 1 more chain DIA reads holds none. That is <0.1% of the EUR stablecoin supply on the map, 13th largest of 16.
Polygon returned a totalSupply of exactly 0 when read. That is the contract's own answer, not a read DIA failed to make.
All EUR stablecoins, 30d: the change in DeFiLlama circulating supply summed over the 16 EUR stablecoins with a reading at both ends of the window. Wrappers and rebasing stablecoins are left out. It is DeFiLlama’s figure, not a DIA read.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across EURAU’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Share and rank are against the combined supply of the 16 active EUR stablecoins on the map, each valued at DIA’s own read and price where DIA holds one and at DeFiLlama’s circulating figure otherwise. Wrappers are left out, as in every total on the map.
264.7K EURAU (US$295.8K)
<0.1% of all EUR stablecoin supply, #13 of 16
Ethereum 95.6% · other chains 4.4%
Ethereum252.9K EURAU · 95.6%
Base11.5K EURAU · 4.4%
Arbitrum205 EURAU · <0.1%
Solana26 EURAU · <0.1%
Polygon0 EURAU · 0.0%Supply growth
Counted on Ethereum. Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders. The median column compares stablecoins counted on the same chain. A few of them are read from DIA’s replay state, which leaves contracts in, so a median can mix two rules.
Source: Blockscout.
55holders on Ethereum
10th of 10 EUR stablecoins on Ethereum
| EURAU | Median, 6 EUR stablecoins on Ethereum | |
|---|---|---|
| Top holder | 49.1% | 48.5% |
| Top 10 | 99.5% | 91.0% |
| Top 50 | 99.8% | 95.5% |
| Top 100 | 99.8% | 96.9% |
Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
How far EURAU trades from its EUR peg, from DIA's daily price reads.
Figures are in basis points: 100 bps = 1%.
Peg volatility is how much EURAU's price swings around 1 EUR from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at 0.998 EUR scores near zero. Largest deviation is the single day in the last 12 months furthest from 1 EUR, signed.
The ranking counts every active EUR stablecoin with at least two daily prices in the last 90 days.
Prices are daily closes at 00:00 UTC, from DeFiLlama with CoinGecko where DeFiLlama has no price. The chart beside this panel plots those same daily closes, so every figure in the table can be found on a line here. DeFiLlama quoted rounded and filled prices until 30 September 2025, so for USDT and USDC the closes before 1 October 2025 are the median of exchange closes instead, and a filled US$1.0000 close is left out of the typical move and the largest move.
Stablecoins whose value rises by design, such as savings wrappers, are left out. Their price is a yield curve, not a peg.
Only USD stablecoins are compared. Other currencies are priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That gap shows up as the same false depeg on every stablecoin of the currency at once.
For a EUR stablecoin, the largest deviation leaves out days when most other EUR stablecoins closed the same distance from par on the same side: that move is the exchange rate, not EURAU. A move EURAU makes alone, or a discount it holds while the others stay at par, is kept.
29 bps
Peg volatility, 90 days
typical day-to-day swing around 1 EUR
Leaves out 25 days when most other EUR stablecoins moved the same way. The EUR exchange rate is taken at a different time from the close, so a move shared by the whole currency is timing, not a depeg. The chart still shows those days.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 EURAU | +14 bps (+0.14%) | 44 bps | 29 bps | +121 bps (+1.21%) |
EURAU is redeemable one to one for euros at par value at any time. That is a statutory right of e-money token holders under Article 49 MiCAR, as stated in the whitepaper.
Redemption requires the holder to register with AllUnity, pass a know-your-customer and anti-money-laundering assessment, and provide a bank account in the holder's own name. The whitepaper states that AllUnity will only transfer the fiat euro amount to an account in the name of the holder submitting the redemption request.
Sources: EURAU White Paper v1.3 (AllUnity)
Where EURAU is supplied in DeFi lending markets and what it earns there.
AllUnity targets EURAU at institutional users. Issuance in the primary market is available only to verified institutions that complete an onboarding process including due diligence and KYC and AML checks, and the AllUnity website states that its content is directed exclusively at legal entities and business customers. EURAU is deployed across multiple public blockchains, including Ethereum, Arbitrum, Base, Polygon and Solana. The whitepaper's digital token identifier lists additional chains, including Optimism, BNB Chain and Stellar.
Sources: EURAU White Paper v1.3 (AllUnity), AllUnity website, AllUnity: EURAU page
EURAU is designed to be backed by cash and money-market assets.
The EURAU whitepaper sets out the reserve structure. Funds received in exchange for issued EURAU are deposited at regulated credit institutions authorised under EU banking rules, in accounts separate from AllUnity's own funds. The reserves are held either as euro-denominated cash or as secure, low-risk, highly liquid financial instruments denominated in euro, as defined under the German Payment Services Supervision Act (ZAG) and MiCAR.
AllUnity's trust centre states that its stablecoins are fully backed by bank reserves held at credit institutions within the European Union, entirely segregated from AllUnity's operational funds. The trust centre lists a reserve audit report as coming soon and has not published a dated reserve report.
Softstack, Oak Security and Hacken have audited the smart contracts.
Sources: EURAU White Paper v1.3 (AllUnity), AllUnity Trust Center
Ethereum0x4933a85b…287ec2c2paused()mint(address,uint256)eip1967-uups0x4933a85b…287ec2c2paused()mint(address,uint256)eip1967-uups0x4933a85b…287ec2c2paused()mint(address,uint256)eip1967-uups0x4933a85b…287ec2c2paused()mint(address,uint256)eip1967-uups9pCWprxbZM…7DQVt6hSfreezeAuthoritymintAuthorityRead from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can freeze · pause · mint · upgrade (proxy)
Who licenses EURAU's issuer and how its reserves are reported.
AllUnity is an electronic money institution licensed by BaFin, Germany's Federal Financial Supervisory Authority. The issuer operates under the German Payment Services Supervision Act (ZAG) as well as under MiCA.
EURAU is issued as an e-money token under MiCAR, with a whitepaper published in accordance with Article 51 and notified on 20 June 2025. The issuer states that as of the whitepaper's date EURAU did not constitute a significant e-money token as defined by Article 56 of MiCAR.
The whitepaper carries the standard MiCAR disclaimers: it has not been approved by any competent authority in an EU member state, and the issuer is solely responsible for its content. AllUnity also publishes a redemption policy, key terms and conditions, and separate German-language terms for the token.
Sources: EURAU White Paper v1.3 (AllUnity), AllUnity Trust Center, ESMA interim MiCA register: EMT white papers (EMTWP.csv)
Reserve attestation cadence
We checked the issuer's disclosure pages and found no reserve attestation. Coins we have not checked carry no value here at all.
Recognised regimelicence tier of AllUnity
The whitepaper warns that EURAU is not covered by investor compensation schemes under EU law or by deposit guarantee schemes.
Redemption depends on passing AllUnity's compliance checks. The whitepaper states that failure to pass the checks may result in denial of a redemption request, so the statutory right to redeem is conditional on a positive KYC and AML assessment.
AllUnity displays a circulation and reserves figure on its trust centre, but the reserve audit report is listed as coming soon, and the whitepaper describes the reserves as held across authorised credit institutions without naming them.
Sources: EURAU White Paper v1.3 (AllUnity), AllUnity Trust Center
EURAU is issued by AllUnity GmbH, a Frankfurt electronic money institution licensed by BaFin. AllUnity is a joint venture of DWS (Deutsche Bank), Flow Traders and Galaxy Digital, and issues EURAU as an e-money token under MiCAR.
The whitepaper states the reserves are held at regulated credit institutions in accounts separate from AllUnity's funds, as euro cash or secure low-risk liquid assets. Smart contract audits by Softstack, Oak Security and Hacken are published. The trust centre lists the reserve audit report as coming soon and has not published a dated reserve report.
Under Article 49 MiCAR, holders have a statutory right to redeem EURAU at par value at any time. The process requires registration with AllUnity, a positive KYC and AML assessment, and a bank account in the holder's own name, and the whitepaper states a redemption request may be denied if those checks are failed.
Source: DIA onchain reads Updated
Source: Blockscout, Ethereum Updated
Daily close against the EUR peg, in basis points. Drag the handles under the chart to zoom; a range button resets it.
The dotted vertical lines mark market stress events: days the whole market, or a stablecoin others hold as collateral, came under stress. Seeing every stablecoin on the same shock shows how each peg held. Only events with a published source are marked. Each entry under the chart shows every stablecoin's worst daily close within 3 days of the event.
Crypto sold off with global markets as Covid spread, ETH lost close to half its price, and a congested Ethereum let bidders win MakerDAO collateral auctions for zero DAI.
Bitcoin fell as much as 30% to about $30,000 after Chinese industry bodies warned banks off crypto, and more than $8 billion of positions were liquidated.
Terra's algorithmic stablecoin UST fell to about $0.65 as LUNA slid, the start of a run that wiped out both within days.
Tether's USDT fell to about 95 cents on some exchanges as UST collapsed, and recovered after Tether processed more than $3 billion of redemptions.
Crypto lender Celsius paused withdrawals citing extreme market conditions, as the discount of stETH to ETH reached a record 8%.
FTX halted customer withdrawals after about $6 billion left the exchange in 72 hours, and filed for bankruptcy days later.
Circle disclosed $3.3 billion of USDC reserves held at the failed Silicon Valley Bank, and USDC traded as low as $0.87 intraday, closed 11 March near $0.96 (the low a daily-close chart shows) and regained its peg on 13 March.
A reentrancy bug in old Vyper compiler versions let attackers drain over $70 million from Curve pools run by JPEG'd, Metronome and Alchemix.
A Bank of Japan rate rise set off an unwind of yen carry trades, and bitcoin fell to about $49,000 as crypto futures saw over $1 billion of liquidations.
North Korea's Lazarus Group took about $1.5 billion of ETH and stETH from Bybit's cold wallet, and the exchange saw over $4 billion of withdrawals.
Sweeping US tariffs on trading partners set off a global selloff, and bitcoin fell to about $74,500.
A 100% US tariff threat on Chinese imports set off the largest liquidation in crypto history, over $19 billion in a day, and USDe traded as low as $0.65 on Binance.
An attacker drained about $128 million from Balancer V2 pools on six chains through a rounding error in the pool maths.
Stream Finance disclosed a $93 million loss by an external fund manager and froze withdrawals, and its xUSD fell as low as $0.25.
Stables Labs' synthetic dollar USDX fell below $0.60 as redemptions ran ahead of its hedged positions, and lending markets that took it as collateral froze.
Bitcoin fell below $80,000 over a thin-liquidity weekend amid US and Iran tensions, liquidating about $2.5 billion of long positions in a day.
Bitcoin dropped more than 10% in a day to about $63,000, its worst one-day fall since the FTX collapse, as silver, software stocks and US indexes fell with it.
An attacker with a compromised minting key created about 80 million unbacked USR and sold them for roughly $25 million, and USR fell below $0.30.
A forged LayerZero message released 116,500 unbacked rsETH, about $292 million, and Aave, Spark and Fluid froze rsETH markets.
An attacker took over StablR's 1-of-3 minting multisig and minted about $13.5 million of unbacked USDR and EURR, and the issuer froze both coins.
Bitcoin slid below $62,000 on higher-for-longer rate bets and ETF outflows, and about $3 billion of leveraged positions were liquidated over two days.
EURAUSource: DeFiLlama and CoinGecko prices Updated