EURC vs EURCV vs EURI vs EURe vs EURØP vs EURQ vs EURAU: Choosing a Euro Stablecoin, or Issuing One
The seven euro e-money tokens compared here, each with a white paper in ESMA's MiCA register, made up over 90% of the euro stablecoin supply DefiLlama tracked on 18 October 2026, in a market that grew about 64% in a year. The last part sets issuing a euro token of your own against distributing one.
Reviewed by Luis Medeiros, Field CTO at Protofire · Updated October 2026
Circle's EURC is the largest euro stablecoin, with 59.5% of the €746.8M in euro stablecoins DefiLlama tracked on 18 October 2026; SG-FORGE's EURCV is second at 22.5%. The seven e-money tokens compared here differ most on who may redeem directly, how long payout takes and who attests the reserve. EURC runs on nine chains and publishes monthly reserve attestations; only Circle Mint account holders can mint it. EURCV comes from a Société Générale subsidiary; only EEA residents can redeem it directly. Pick EURe for a wallet-linked IBAN, EURI for a bank issuer, EURØP for a 2% reserve fund, EURQ for UK or Swiss payouts and EURAU for a BaFin-supervised issuer. StablR has suspended EURR redemption since May 2026. Issuing your own takes an e-money or banking license.
Supply figures are DefiLlama token counts and issuer disclosures read on 18 October 2026, and each license and white paper date was checked against ESMA's interim MiCA register as updated on 16 October 2026. Protofire holds no e-money license and issues no token. We build stablecoin payment and issuance infrastructure for clients, so issuers and distributors are both potential clients for us, and the service linked from this page covers the payment side. More comparisons are in our decision guides.
How do the seven euro stablecoins compare?
7 options side by side: scroll the table sideways to see all of them.
How much of each token is in circulation?
Ranked by supply on 18 October 2026: EURC €444.6M (59.5% of the market), EURCV €167.8M (22.5%), EURI €33.1M (4.4%), EURe €28.0M (3.7%), EURØP €16.6M (2.2%), EURQ €4.3M (issuer figure, 30 August 2026) and EURAU €0.39M (0.05%). Supply in euros, as tokens in circulation, from DefiLlama's per-asset data read on 18 October 2026 at about 07:30 UTC (for example EURC and EURCV). EURQ uses the issuer's own figure of 30 August 2026 from Quantoz's transparency page, because DefiLlama's 8.32M includes tokens not yet issued to holders. Longer bars mean more supply, on a log scale so the small tokens stay visible. The €746.8M market total covers every euro-pegged token DefiLlama tracks except IBEUR, which has lost its peg. Not shown: StablR's EURR (12.7M on DefiLlama, of which about 6.41M unauthorized), Revolut's EURR (1.68M), and bank tokens that DefiLlama does not track (EUROD, EURXT, EUB).
Who issues each token, and on what reserve and redemption terms?
EURC (Circle)
- +The largest euro token: 444.6M on 18 October 2026, 59.5% of euro stablecoin supply on DefiLlama
- +Nine chains on Circle's official list, including Ethereum, Base, Solana, Stellar and Circle's own Arc
- +Monthly reserve attestations; the August 2026 report, signed by Deloitte & Touche LLP, shows all reserves in cash at regulated institutions
- +Venues named in Circle's redemption policy (Coinbase, Bitpanda, Bitvavo, Kraken, OKX) and a Deutsche Börse MoU for trading on 360T's 3DX exchange and custody at Clearstream
- −Concentration: about 60% of the euro stablecoin supply DefiLlama tracks sits with this one issuer, so a problem at Circle would reach most onchain euro liquidity at once
- −Only businesses with a Circle Mint account can mint; retail holders redeem through a web form to an EEA IBAN, which can take up to 5 business days
- −DefiLlama counts EURC on chains outside Circle's list, such as Tempo, Polygon and Cardano, so every contract address has to be checked against Circle's list
Circle Internet Financial Europe SAS issues EURC from Paris as an e-money institution authorized by the ACPR (register number 17788), and it added an AMF crypto-asset service authorization for custody and transfer, dated 23 April 2026 in ESMA's register (its MiCA redemption policy gives 24 April). Circle reported €447.1M of EURC in circulation on 15 October 2026, and DefiLlama counted 444.6M tokens on 18 October, 59.5% of the €746.8M euro stablecoin market and up from 222.7M a year earlier. About 319M sit on Ethereum, about 54M on Solana and about 52M on Base. Circle's contract list names nine chains, the ones in the scorecard above.
The August 2026 examination report, signed by Deloitte & Touche LLP on 29 September, shows €393.3M of reserves against 390.5M EURC in circulation on 31 August, all of it cash at regulated financial institutions in segregated accounts. Every holder may redeem at par: businesses open a Circle Mint account, which Circle offers at no additional cost, and retail holders use a web form with an EEA IBAN, a process the redemption policy says "should not take more than 5 business days".
In September 2025, Deutsche Börse and Circle signed an MoU to list and trade EURC and USDC on 360T's digital exchange 3DX and through Crypto Finance, and to offer custody at Clearstream with Crypto Finance's German entity as sub-custodian. Circle also issues USDC, which the EBA classified on 14 October 2026 as the EU's first significant e-money token; the EBA's release names USDC only.
Pulsar Money, a money app whose two main markets are Europe and Southeast Asia, keeps its core balances in Circle's tokens and merges other stablecoins taken in through the app into USDC or EURC. Its CEO and founder, Alex Radu, gave the reason on The Protocol Roundtable: to serve Europe, "we need to have every single aspect of the app to be MiCA compliant, including the stablecoins".
EURCV (SG-FORGE)
- +Bank-group issuer: SG-FORGE is a Société Générale subsidiary, licensed by the ACPR as an e-money institution and also an investment firm and crypto-asset service provider (CASP)
- +Second largest: 167.8M tokens on 18 October 2026, 22.5% of the market
- +Backed by cash, the issuer says, with collateral composition and valuation published daily and Société Générale as custodian of all of it
- +Ethereum, Solana, XRPL and Stellar, with Canton added in the 30 September 2026 white paper
- −Direct redemption only for EEA residents; holders outside the EEA have no direct right against the issuer
- −Payout can take until the last business day of the month after SG-FORGE completes its checks
- −No independent third-party reserve attestation found on the issuer's site or in the white paper, which lists Hacken smart contract audits
- −Direct subscription is for onboarded institutional investors; everyone else buys through exchanges, brokers or market makers
Société Générale-FORGE, a subsidiary of Société Générale, issues EUR CoinVertible as an e-money institution licensed by the ACPR. Its product page says the token has met MiCA's stablecoin rules since 1 July 2024 and is fully backed by cash. On 18 October 2026 the page showed 169,091,433.55 EURCV in circulation, with Société Générale holding 100% of the collateral. DefiLlama counted 167.8M that day, against 53.5M on 18 October 2025: the token tripled in a year. About 141M sit on Ethereum, 15M on Stellar and 10M on XRPL.
The white paper dated 30 September 2026 adds Canton to Ethereum, Solana, XRPL and Stellar. It places the collateral in a segregated account at Société Générale as initial collateral custodian, in cash or euro highly liquid instruments rated at least at Société Générale's senior preferred level, and states that holders earn no interest. The direct redemption right belongs to EEA residents only: SG-FORGE acknowledges a request within 5 business days and pays "at the latest on the last Business Day of the month following the month the controls were successfully completed". The white paper names Bitstamp, Bullish, Bit2Me and Bitvavo as trading venues.
SG-FORGE also issues a dollar e-money token, USD CoinVertible (USDCV), which it announced on 10 June 2025 with BNY as reserve custodian. Institutional investors onboarded with SG-FORGE can subscribe to either token, and the product page showed 14,176,206 USDCV in circulation on 18 October 2026.
EURI (Banking Circle)
- +Issued by Banking Circle S.A., a Luxembourg credit institution supervised by the CSSF
- +Third largest of the seven: 33.1M tokens on 18 October 2026, 4.4% of the market
- +Banking Circle describes EURI as backed 1:1 by cash in euros, segregated from its own assets under Luxembourg's 2003 Act
- +Banking Circle says it received a CASP license on 15 April 2026, and it now settles USDC, USDG and EURI for its clients
- −Two chains only: Ethereum and BNB Smart Chain
- −Supply fell from 46.6M to 33.1M over the year to 18 October 2026, while the euro stablecoin market on DefiLlama grew by about 64%
- −Banking Circle says EURI is attested by a "top tier auditor" but does not name the firm
- −Direct subscription is limited to onboarded institutions such as exchanges, liquidity providers and trading platforms
Banking Circle S.A. is a Luxembourg credit institution supervised by the CSSF (bank number LUB00000408), and it issues EURI as an ERC-20 token on Ethereum and a BEP-20 token on BNB Smart Chain. ESMA's register dates its white paper 28 August 2024. DefiLlama counted 33.1M EURI on 18 October 2026, 30.2M on Ethereum and 3.0M on BNB Chain. Onboarded institutions subscribe and redeem with Banking Circle, and any holder may redeem at par after due diligence by writing to the bank; Banking Circle says redemption "shall not be subject to a fee".
The funds received for EURI are segregated from Banking Circle's own assets under Luxembourg's 2003 Act, and the issuer describes EURI as "backed 1:1 by cash in Euros", attested by an auditor it does not name, with a PeckShield smart contract audit. The bank says it received a CASP license from the CSSF on 15 April 2026 (ESMA's CASP register dates the authorization 16 February 2026) and launched a stablecoin settlement service on its core platform with USDC, USDG and EURI.
EURe (Monerium)
- +Each customer gets a euro IBAN linked to a wallet: an incoming SEPA payment mints EURe, an outgoing one burns it
- +SEPA payments through EURe IBANs are free on Monerium's infrastructure, issued and redeemed 1:1
- +Named wallet, card and DeFi integrations: Safe for corporate treasury, the Zeal Visa card, the MetaMask Card and Aave
- +EURe contracts on Ethereum, Gnosis, Polygon, Arbitrum, Base and Linea, and the white paper adds Scroll and Noble
- −Redemption only for holders who become Monerium customers, under its terms of service and due diligence
- −No public periodic reserve attestation yet; Monerium says it is preparing them
- −Monerium's financial information page puts most EURe funds in a money market fund, the State Street EUR Liquidity LVNAV Fund, beside bank accounts at Arion and LHV
- −The home supervisor is the Central Bank of Iceland, in the EEA but outside the EU, so a policy that requires an EU supervisor rules EURe out
Monerium hf., an e-money institution supervised by the Central Bank of Iceland, notified its EURe white paper on 9 January 2026; ESMA's register still lists the company under its older name, Monerium ehf. MiCA covers Iceland through the EEA Agreement, under which it entered into force on 24 June 2025. DefiLlama counted 28.0M EURe on 18 October 2026, 3.7% of the market, with 16.6M on Gnosis, 4.8M on Arbitrum, 3.5M on Ethereum and 2.6M on Polygon. Monerium's EURe page lists EURe contracts on Ethereum, Gnosis, Polygon, Arbitrum, Base and Linea and says sending and receiving SEPA payments through EURe IBANs "is free on the Monerium infrastructure".
Redemption is at par at any time, but the white paper makes it "conditioned on the holder establishing a customer relationship with Monerium". The same document describes the business as collecting "interest from safeguarded funds, exchange fees, and API access fees", and interest made up ISK 55.0M of ISK 63.7M in operating revenue in 2024. Monerium's financial information page lists safeguarding accounts at Arion bank in Iceland, LHV bank in Estonia and State Street Global Advisors, with the bulk of EURe funds in the State Street EUR Liquidity LVNAV Fund. The same page says e-money institutions "are not required to provide public attestations".
EURØP (Schuman Financial)
- +Quarterly attestations of parity by KPMG, the issuing entity's statutory auditor
- +Reserves of 100% in euros at EU banks such as Société Générale, plus an additional 2% reserve fund
- +Free issuance for consumer holders, and no minimum redemption amount
- +The issuer lists Bit2Me, Bitvavo, Kraken, Bitpanda, N26 and SwissBorg as places to buy it
- −Fifth of the seven by supply, with 2.2% of the market on 18 October 2026
- −Professional holders may pay contractual fees for optional services such as automated minting or burning
- −Retail redemption needs an EEA IBAN and is expected to take up to 5 business days
Schuman Financial is the trading name of Salvus SAS, an e-money institution approved by the ACPR (register number 739803) and a subsidiary of Schuman Financial AG in Switzerland. Its EURØP page says the white paper was notified to the ACPR on 7 August 2024 and amended on 23 March 2026, that reserves sit in EU banks "such as Société Générale" with an additional 2% reserve fund, and that KPMG issues quarterly attestations of parity. DefiLlama counted 16.6M EURØP on 18 October 2026, up from 2.6M a year earlier, on Ethereum, Solana, Avalanche, Polygon, XRPL and Plasma.
Non-retail holders redeem through a Schuman OMP account, a redemption-only service, and retail holders use a web form with an EEA IBAN, which the redemption policy expects to take no more than 5 business days, with no minimum threshold. The payment terms on the same page govern issuance to any consumer or business holder who signs them. They make issuance and redemption free for consumer holders and allow contractual fees for professional holders' optional services, such as automated minting or burning.
EURQ (Quantoz)
- +Direct redemption without a pre-existing account, to a verified bank account in the EEA, the UK or Switzerland
- +Published reserve ratio of 100.76% on 30 August 2026, held through Stichting Quantoz, a bankruptcy-remote foundation
- +Six networks, including Algorand, Stellar, XRP Ledger and Xahau
- +Named partners: TerraPay and Cooperative Bank of Oromia for euro remittances to Ethiopia, Zodia Markets for OTC trading and the 21X trading venue
- −Minting through Quantoz is priced, per mint or by a liquidity model, and the issuer's 30 August 2026 snapshot showed only €4.30M in circulation
- −Two thirds of the reserve sat in Dutch and German government bonds on 30 August 2026 (66% bonds, 33% cash), close to the 70% maximum Quantoz's reserve policy allows
- −Onchain compliance checks may take up to one week after Quantoz receives the tokens, before payout starts
- −No attestation firm is named on the transparency page
Quantoz Payments B.V. is an e-money institution supervised by De Nederlandsche Bank; it notified its EURQ white paper on 24 March 2025, and version 1.4 is dated 30 April 2026. Its shareholders include Tether, Kraken and Mirana. The transparency page reported €4,302,714 EURQ in circulation on 30 August 2026 at a reserve ratio of 100.76%, with 33% in cash and 66% in Dutch and German government bonds, under a policy of at least 30% cash and at most 70% highly liquid instruments. DefiLlama shows 8.32M, a figure that includes supply not yet issued to holders: the Ethereum contract alone reports exactly 6,000,000 tokens.
Any holder can redeem directly at face value without an existing account, after verifying identity, token ownership, source of funds and control of a bank account in the EEA, the UK or Switzerland. The redemption page says standard redemption "is free of charge" and that onchain compliance checks "may take up to one week" after receipt is confirmed. Of the seven, it is the only one whose published redemption terms name UK and Swiss bank accounts. Minting is priced. Quantoz agrees a pricing model with each client before production access, and its pricing page lists a fixed charge per mint to a holder's address or a liquidity model: an annual fixed amount, a charge on volume minted, or both. No amounts are published.
EURAU (AllUnity)
- +German issuer: AllUnity GmbH in Frankfurt, an e-money institution supervised by BaFin and licensed on 1 July 2025
- +Investors include DWS Group (a Deutsche Bank subsidiary), Galaxy Digital and Flow Traders, which is also the designated market maker
- +Zero minting and onboarding fees for institutions
- +Ten networks on the issuer's list, including Ethereum, Base, Arbitrum, Solana, Stellar and Tempo
- −The smallest of the seven: about €0.39M in circulation on 18 October 2026, almost all of it on Ethereum
- −Only Verified Institutions, which AllUnity calls First Buyers, can buy directly from the issuer
- −The reserve audit report is listed as "coming soon", and the reserve banks are not named
- −Redemption pays only to an EEA IBAN in the holder's own name, with a target of 5 business days
AllUnity GmbH in Frankfurt is a joint venture of DWS, Flow Traders and Galaxy. It notified the EURAU white paper to BaFin on 20 June 2025 and received its BaFin e-money license on 1 July 2025. It then launched the token on Ethereum on 31 July 2025, with Bullish Europe as the first trading venue and Flow Traders as designated market maker. ESMA's interim register gives an authorization date of 20 June 2026, a year after the license date in the launch release, so diligence has to rely on BaFin and the issuer for that date. DefiLlama counted 394,471 EURAU on 18 October 2026, with about 383,000 on Ethereum and 11,500 on Base.
Under AllUnity's redemption policy, only First Buyers, which are Verified Institutions, may buy directly, and AllUnity's ecosystem page lists zero minting, redemption and onboarding fees for institutions. Any holder may redeem through its EEA redemption form with KYC and an EEA IBAN in their own name, with no administrative, processing or redemption fees beyond gas and a target of 5 business days. Reserves sit at EU credit institutions in segregated accounts, as cash or high-quality liquid assets, under what AllUnity calls a multi-bank reserve model; its trust center lists the reserve audit report as "coming soon".
What does it take to issue a euro stablecoin, or to distribute one?
Article references are to MiCA, Regulation (EU) 2023/1114, in ESMA's single rulebook for Art. 49, Art. 50, Art. 58, Art. 60 and in the EUR-Lex text for Arts. 48, 51, 53, 54, 55, 56, 67 and Annex IV. EMI capital comes from the E-Money Directive (Arts. 4 and 5), and the payment-services row from the EBA's No Action Letter on PSD2 and MiCA (June 2025). Bank practice is from the white paper on ODDO BHF's EUROD page and Banking Circle's EURI site; the branded-token example is from Bridge's EURR white paper. This table summarizes public law and issuer disclosures as of 18 October 2026 and is not legal advice.
Which euro stablecoin or route fits which need?
you need the largest euro token, 59.5% of supply, with monthly reserve attestations and the exchange venues Circle's redemption policy names.
your counterparties want a Société Générale group entity as issuer, you want Canton among the chains, and the holders who redeem directly are EEA residents who can wait until the end of the following month for payout.
your policy prefers a bank's token to an e-money institution's, Ethereum or BNB Chain is enough, and you accept an attestation firm that is not named.
users fund and spend from an IBAN linked to their wallet, your product runs on Gnosis, Arbitrum or another chain Monerium supports, and every holder who redeems can become a Monerium customer.
you want a 2% reserve fund on top of full backing and quarterly KPMG attestations, and the venues Schuman lists, from Kraken to N26, reach your users.
holders need a direct redemption route to a UK or Swiss bank account, or you need Algorand or Xahau, and Quantoz's per-mint or liquidity-model pricing fits your volumes.
you want a BaFin-supervised issuer in Frankfurt with zero minting fees, backed by DWS, Galaxy and Flow Traders, and about €0.39M in circulation is enough for your first volumes.
you hold or can obtain an e-money or banking license, can run redemption at par for every holder and, as an EMI, a segregated reserve, and your business case holds with Art. 50 barring any interest to holders.
your clients need euro settlement or balances, you would leave the reserve with the issuer, and you hold or can obtain the CASP permissions, plus PSD2 authorization where you transfer tokens for clients.
Where do the other euro tokens stand?
- StablR's EURR (impaired): StablR Ltd, a Malta e-money institution, suspended minting and redemption after an attacker compromised one signer of a 1-of-3 minting multisig on Ethereum on 24 May 2026; EURR was trading at $0.548 two days later, according to CoinDesk. StablR's 25 August 2026 notice, still the latest on its site on 18 October, counts about 6.41M unauthorized EURR in circulation and says minting and redemption remain suspended. DefiLlama's 12.7M EURR includes those tokens.
- Revolut's EURR (live, early): a different token with the same ticker. Bridge Building S.A., the Luxembourg e-money institution of Stripe-owned Bridge, issues it and Revolut brands and offers it; the white paper of 23 July 2026 promises redemption to an EEA IBAN "within two business days" with no fee. Revolut began a phased rollout to selected customers in Denmark, Poland and Portugal in August 2026, on Ethereum and Polygon, and DefiLlama counted 1.68M on 18 October.
- Bank-issued tokens that DefiLlama does not track: ODDO BHF's EUROD runs on Polygon PoS and is available on Bit2Me; its white paper (amended 27 January 2026) says the funds form part of the bank's general assets, with no segregated reserve. CACEIS, part of Crédit Agricole, launched EURXT on Ethereum on 1 July 2026 for its institutional and corporate clients, with reserves held as cash on its balance sheet; its first use was subscribing to a tokenized Amundi money market fund. Bison Bank in Portugal notified a white paper for EUB on 12 March 2026, according to ESMA's register.
- Qivalis (licensed, not issued): the bank-backed company received its DNB e-money license on 14 October 2026 and said it plans to issue "within the next months", subject to publishing its white paper. Its ticker, chains and reserve banks were not public on 19 October 2026.
- The digital euro (in legislation): the digital cash the ECB is preparing would be issued by the Eurosystem under a regulation of its own, and MiCA does not apply to the ECB or to national central banks acting as monetary authorities (Art. 2(2)(c)). The European Parliament confirmed its negotiating mandate in plenary on 9 July 2026, and talks with the Council are under way. The ECB plans for the Eurosystem to be ready for a potential first issuance during 2029, if the regulation is adopted in 2026.
- Wound down or winding down: Tether stopped EURT redemptions on 27 November 2025, although DefiLlama still shows 4.15M. Paxos runs EUROe in redemption-only mode while it decommissions the business line. Anchored Coins set a final AEUR redemption deadline of 29 October 2026, after which remaining holders receive another euro stablecoin 1:1. Angle asks holders to redeem EURA before 1 March 2027; EURA is crypto-collateralized and falls outside MiCA's e-money token category. DefiLlama's VEUR listing says VNX Commodities AG fully discontinued exchange services for VEUR on 22 May 2026.
- Not in ESMA's EMT register: Stasis's EURS (6.85M on DefiLlama), REUR (exactly 15.0M on DefiLlama), VEUR and AEUR have no entry in ESMA's interim register as of 16 October 2026. Tether's dollar token USDT has no entry either, and no EU-authorized issuer. Following ESMA's January 2025 statement, EEA venues had stopped trading it by the end of March 2025 while USDC stayed, and ESMA's Opinion of 8 October 2026 expects crypto-asset service providers to stop all services in such tokens, custody and transfer included, with legacy exposures remediated within three months; our guide to stablecoin models covers that case and crypto-collateralized designs such as EURA.
- Smaller register entries: the EBA counted 45 notified e-money tokens in the EU on 14 October 2026, across all currencies. Euro tokens in the register not covered above include Newrails' EURW (Bank of Lithuania), Quantoz's EURD, Aplauz's WEUR (DNB), DINARO's EURGH (Bank of Slovenia) and OuiTrust's HEURO (ACPR).
- Planning either route: Protofire's euro stablecoin distribution blueprint is for a firm that needs euro balances or settlement without controlling the reserve, and its full version lists nine risks, each with a control and an owner, from an issuer that suspends redemption to float exposure on the balance sheet. The euro EMT issuance blueprint is for a firm that holds or has applied for an e-money or banking license in the EEA, and sets out which reserve and disclosure duties MiCA imposes on a token that is not significant and which are market practice.
FAQ
What is a euro stablecoin?
What is the largest euro stablecoin, and how big is the market?
Which euro stablecoins are authorized under MiCA?
Is EURC MiCA compliant?
Which euro stablecoins are issued by banks?
Is there a euro stablecoin issued in Germany?
Does Revolut have a euro stablecoin?
Who can redeem a euro stablecoin, and how fast is the payout?
Which euro stablecoin publishes the most frequent reserve reports?
Are euro stablecoins covered by deposit insurance?
Can a euro stablecoin pay interest?
Can a bank pay interest on onchain euro balances?
What happened to StablR's EURR?
Which euro stablecoins have been discontinued or are winding down?
What is Qivalis?
What license does a firm need to offer euro stablecoins to customers?
Should a regulated firm issue its own euro stablecoin or distribute an existing one?
For a regulated provider adding euro stablecoins to its product, our part is the integration layer: on- and off-ramp routing per corridor, float and FX controls, settlement reconciled into the core ledger, and a second issuer so no token holds every balance.
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