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
0.9% of EUR stablecoin supply · 7th of 16 EUR stablecoins with supply
Peg today
below 1 EUR
Chains
10th of 15 EUR stablecoins read on chain · median 4
Holders on Ethereum
8th of 10 EUR stablecoins scanned on Ethereum
EURQ is a EUR stablecoin issued by Quantoz, launched on 18 Nov 2024.
EURQ is a euro stablecoin issued by Quantoz Payments BV, an electronic money institution registered in the Netherlands. The issuer states it holds an e-money licence in the EEA with De Nederlandsche Bank (DNB), the Dutch central bank, and the DNB public register lists Quantoz Payments B.V. as an electronic money institution. EURQ is issued as an ERC-20 token on Ethereum and Polygon, and is also deployed on Algorand, Stellar, XRP Ledger and Xahau.
Quantoz publishes a transparency page that sets out its reserve standard: full reserve backing in cash deposits and government bonds, held separately from the issuer's own money, with reserve deposits spread across multiple Tier 1 European banks. The page carries a reserve snapshot dated 30 August 2026. The token is offered as a MiCA e-money token.
Sources: Quantoz transparency, Quantoz, EURQ and USDQ product page, EURQ MiCA whitepaper v1.4, DNB public register, Quantoz Payments B.V.
At least 6.3M EURQ in circulation, counting only the chains DIA could read.
DIA holds no verified contract address on XRPL, Xahau, Stellar. The figure above is a floor.
The contracts on the chains listed report 7.3M EURQ in total, before bridged supply is counted once.
Polygon holds bridged supply: each token there is backed by Ethereum supply, or by a custodian holding it. The total counts each token once, so bridged supply shows on the chain that holds it, marked “bridged from” its source, and comes off the source chain's row.
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 EURQ’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.
6.3M EURQ (US$6.8M)
0.9% of all EUR stablecoin supply, #7 of 16
Read on 3 chains. Not yet read on XRPL, Xahau, Stellar, so this is a floor.
Ethereum 79.0% · other chains 21.0%
Ethereum5.0M EURQ · 79.0%
Polygonbridged from Ethereum1.0M EURQ · 16.2%
Algorand300.0K EURQ · 4.8%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.
339holders on Ethereum
8th of 10 EUR stablecoins on Ethereum
| EURQ | Median, 6 EUR stablecoins on Ethereum | |
|---|---|---|
| Top holder | 41.0% | 48.5% |
| Top 10 | 98.8% | 91.0% |
| Top 50 | 99.9% | 95.5% |
| Top 100 | 99.9% | 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 EURQ trades from its EUR peg, from DIA's daily price reads.
Figures are in basis points: 100 bps = 1%.
Peg volatility is how much EURQ'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 EURQ. A move EURQ makes alone, or a discount it holds while the others stay at par, is kept.
152 bps
Peg volatility, 90 days
typical day-to-day swing around 1 EUR
Leaves out 20 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 |
|---|---|---|---|---|
| −335 bps (−3.35%) | 172 bps | 152 bps | −843 bps (−8.43%) |
Quantoz states that its stablecoins can be redeemed 1:1 for their underlying currency, and its site footer states that holders of e-money tokens issued by Quantoz Payments have the right of redemption against the issuer at any time and at par value. Direct redemption is at face value, €1 for each EURQ, and the issuer notes that a third-party market price can differ.
Sources: Quantoz transparency, Quantoz, EURQ and USDQ product page, Quantoz website footer
Where EURQ is supplied in DeFi lending markets, what it earns there and the DEX pools it trades in.
Top 1 EURQ 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 |
|---|---|---|---|---|---|---|---|---|
0.30% | 1.10% | LP fees · IL riskVolatile | Ethereum | +0.00% | US$12.0K | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
EURQ in pool is EURQ's own side of the pool, at its USD price. Pool liquidity counts both sides.
US$47.4K of EURQ sits in 1 DEX pool across 1 DEX.
| DEX | Pair | Chain | Pool liquidity | ▼EURQ in pool | 24h volume |
|---|---|---|---|---|---|
| EURQ / USDT | Ethereum | US$60.4K | US$47.4K | US$148 |
EURQ is deployed on Ethereum, Polygon, Algorand, Stellar, XRP Ledger and Xahau. In April 2025, Quantoz reported that EURQ and USDQ were listed on more than thirty digital asset exchanges, including Bitfinex, Kraken, Bybit.NL and Bitpanda.
Sources: Quantoz, EURQ and USDQ product page, Quantoz token redemption page, Quantoz, exchange listing milestones article
EURQ is designed to be backed by cash and money-market assets.
Quantoz states that the stablecoins it issues are fully backed by cash deposits and government bonds, and that the bonds in its euro reserves are Dutch and German government bonds. Its 30 August 2026 reserve snapshot shows EURQ with a reserve ratio of 100.76%, split about a third in cash and two thirds in government bonds, against a total supply of roughly EUR 4.3 million.
The issuer describes the structure as bankruptcy remote: customer funds are held separately from the issuer's own money, and reserve deposits are spread across multiple Tier 1 European banks to manage counterparty concentration and support redemption. Quantoz lists ISO 27001 certification, ISAE 3402 Type 2 assurance and DORA alignment on its transparency page, and its whitepaper states that third-party auditors conduct regular audits.
The transparency page states that the reserves behind issued tokens are held by Stichting Quantoz, a bankruptcy-remote foundation, in cash deposits and highly liquid government bonds.
Ethereum0x8df72329…5f146f9faddToBlockedList(address), removeFromBlockedList(address) +1destroyBlockedFunds(address)mint(address,uint256)eip1967-transparent0xd571edb2…89983db3addToBlockedList(address), removeFromBlockedList(address) +1mint(address,uint256)eip1967-transparentContract controls are not read on Algorand yet.
Read 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 · wipe · mint · upgrade (proxy)
Who licenses EURQ's issuer and how its reserves are reported.
Quantoz Payments BV is an electronic money institution registered in the Netherlands, and its site states it holds an e-money licence in the EEA with De Nederlandsche Bank (DNB). EURQ is offered as a MiCA e-money token: the issuer describes its stablecoins as MiCA compliant and lists DNB prudential supervision under MiCA and the Electronic Money Directive.
The EURQ MiCA whitepaper states that it was notified to the AFM, the Dutch financial markets authority, on 10 October 2024. The site footer links the DNB public register as evidence of the e-money licence, and the register lists Quantoz Payments B.V. as an electronic money institution.
Sources: Quantoz transparency, Quantoz, EURQ and USDQ product page, EURQ MiCA whitepaper v1.4, DNB public register, Quantoz Payments B.V., Quantoz website
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 Quantoz
EURQ reserve deposits are held across multiple Tier 1 European banks, which the transparency page does not name. The bonds in the euro reserve are Dutch and German government bonds. Electronic money is not a bank deposit, and deposit guarantee schemes do not apply.
Sources: Quantoz transparency, Quantoz, EURQ and USDQ product page
EURQ is issued by Quantoz Payments BV, an electronic money institution registered in the Netherlands. The company states it holds an e-money licence in the EEA with De Nederlandsche Bank (DNB), the Dutch central bank.
Yes. EURQ is offered as a MiCA e-money token by an electronic money institution supervised by De Nederlandsche Bank (DNB). The EURQ MiCA whitepaper states that it was notified to the AFM, the Dutch financial markets authority, on 10 October 2024, and the DNB public register lists Quantoz Payments B.V. as an electronic money institution.
Quantoz states EURQ is fully backed by cash deposits and government bonds, held separately from the issuer's own money through Stichting Quantoz. The bonds in its euro reserves are Dutch and German government bonds, and reserve deposits sit across multiple Tier 1 European banks. The 30 August 2026 reserve snapshot shows a reserve ratio of 100.76% against a supply of roughly EUR 4.3 million, split about a third in cash and two thirds in government bonds.
12 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 -600 bps to +200 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 1 close sits 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