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
4.5% of EUR stablecoin supply · 3rd of 16 EUR stablecoins with supply
Peg today
below 1 EUR
Chains
12th of 15 EUR stablecoins read on chain · median 4
Holders on Ethereum
5th of 10 EUR stablecoins scanned on Ethereum
EURI is a EUR stablecoin issued by Banking Circle, launched in Aug 2024.
Eurite (EURI) is a euro stablecoin issued by Banking Circle S.A., a Luxembourg credit institution supervised by the Commission de surveillance du secteur financier (CSSF). Banking Circle S.A. was incorporated on 6 February 2018 and has its head office at 2 Boulevard de la Foire in Luxembourg. EURI is an electronic money token under MiCA, the EU's Markets in Crypto-Assets Regulation.
Banking Circle announced EURI on 26 August 2024 and described it as the first MiCA regulated stablecoin issued and backed by a bank in the EU. EURI is an ERC-20 token on Ethereum and a BEP-20 token on BNB Smart Chain. According to the launch announcement, minting and burning run on the Fireblocks Tokenization Engine.
Sources: Eurite, EURI product site, Eurite, about us, Banking Circle, regulatory information, Banking Circle launches the first bank-backed MiCA-compliant stablecoin, EURI (26 August 2024)
32.6M EURI in circulation across 2 chains; Ethereum carries 90.9%. That is 4.5% of the EUR stablecoin supply on the map, 3rd largest of 16.
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 EURI’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.
32.6M EURI (US$36.5M)
4.5% of all EUR stablecoin supply, #3 of 16
Ethereum 90.9% · other chains 9.1%
Ethereum29.7M EURI · 90.9%
BSC3.0M EURI · 9.1%Supply growth
What the 10 largest addresses are
Shares of the 10 largest addresses' balance, contracts included, from public address labels covering 92.8% of it. Exchange custody is one address holding for many end holders. Unattributed addresses have no public label.
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.
1,410holders on Ethereum
5th of 10 EUR stablecoins on Ethereum
| EURI | Median, 6 EUR stablecoins on Ethereum | |
|---|---|---|
| Top holder | 47.8% | 47.0% |
| Top 10 | 88.5% | 91.1% |
| Top 50 | 94.3% | 95.6% |
| Top 100 | 97.0% | 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 EURI trades from its EUR peg, from DIA's daily price reads.
Figures are in basis points: 100 bps = 1%.
Peg volatility is how much EURI'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 EURI. A move EURI makes alone, or a discount it holds while the others stay at par, is kept.
26 bps
Peg volatility, 90 days
typical day-to-day swing around 1 EUR
Leaves out 27 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 |
|---|---|---|---|---|
| −35 bps (−0.35%) | 35 bps | 26 bps | −415 bps (−4.15%) |
Where EURI is supplied in DeFi lending markets, what it earns there and the DEX pools it trades in.
Top 1 EURI pools by TVL with a quoted APY.
TVL is what is deposited in the pool. For lending pools, that is before loans are taken out.
| APY | Composition | 30d avg | Quality | Protocol | Chain | Rewards | ▼TVL | Type |
|---|---|---|---|---|---|---|---|---|
33.53% | 21.20% | LP fees · IL riskVolatile | Ethereum | +0.00% | US$66.5K | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
EURI in pool is EURI's own side of the pool, at its USD price. Pool liquidity counts both sides.
US$33.3K of EURI sits in 1 DEX pool across 1 DEX.
| DEX | Pair | Chain | Pool liquidity | ▼EURI in pool | 24h volume |
|---|---|---|---|---|---|
| EURI / USDC | Ethereum | US$47.7K | US$33.3K | US$3.7K |
EURI is designed to be backed by cash and money-market assets.
EURI is fiat-backed. Banking Circle states that EURI is pegged 1:1 to the euro and backed 1:1 by cash in euros. For EURI it acts as fiduciary under Luxembourg's act of 27 July 2003 on trusts and fiduciary contracts. Euros received for EURI are segregated from the bank's own assets as safeguarded customer funds, which are protected if Banking Circle goes bankrupt. The white paper states that these funds are held in cash and/or low risk cash equivalents in a bankruptcy remote structure, and that EURI holders are recognised as beneficiaries of the funds if the token's stability is threatened.
Onboarded institutional users, such as exchanges, liquidity providers and trading platforms, buy EURI by depositing euros with Banking Circle, which mints the same amount. Returned EURI is burnt and the euros are paid back. Holders can redeem at par, EUR 1 per EURI, at any time and without a fee, subject to customer due diligence checks.
Sources: Eurite, EURI product site, Eurite Euro Token (EURI) white paper
Ethereum0x9d1a7a31…84dcbae7freeze(address), unfreeze(address)paused()mint(address,uint256)eip1967-transparent0x9d1a7a31…84dcbae7freeze(address), unfreeze(address)paused()mint(address,uint256)eip1967-transparentRead 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 EURI's issuer and how its reserves are reported.
ESMA's interim MiCA register lists Banking Circle S.A. as a credit institution with an e-money token white paper, with a white paper notification date of 28 August 2024. The EURI white paper states that it has not been approved by any competent authority in any EU member state and that the issuer is solely responsible for its content. Banking Circle states that it does not serve private individuals.
Sources: ESMA interim MiCA register, e-money token white papers (CSV), Eurite Euro Token (EURI) white paper, Banking Circle, Eurite page
Recognised regimelicence tier of Banking Circle
Eurite's about page states that Ernst & Young conducts periodic attestation that EURI is backed by reserves on a 1:1 basis, but its 2024 audit report entries link to no document. The same page links Banking Circle's financial statements for 2021 to 2024 and the PeckShield audit of the EURI smart contract.
7 days are left blank: chain coverage changed or a contract read failed, so those totals are not comparable.
Source: DIA onchain reads Updated
Source: DIA rebuild from onchain transfer history (to 11 Aug 2026), Block explorer holder counts (from 12 Aug 2026), 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 axis spans -150 bps to +150 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 2 closes sit beyond it, drawn on the edge with a triangle. The tooltip shows the true value.
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.
Source: DeFiLlama and CoinGecko prices Updated