A euro stablecoin is an ERC-20 (or equivalent) token pegged 1:1 to the euro and backed by reserves of cash and short-term euro government debt held by a regulated issuer. As of Q1 2026, seven euro stablecoins are authorized as e-money tokens (EMTs) under the EU's Markets in Crypto-Assets Regulation (MiCA), which took effect June 30, 2024: EURC, EURS, EURI, EUROe, EURCV, EURQ, and EURR. Circle's EURC leads by supply and multichain breadth, but the field has narrowed and diversified since MiCA's e-money token rules came into force.
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This article ranks the seven MiCA-authorized euro stablecoins by combined supply, network availability, on/off-ramp depth, and onchain liquidity. The data comes from DeFiLlama's euro-pegged stablecoin tracker, each issuer's transparency page, and the ESMA MiCA register.
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A euro stablecoin in 2026 is a crypto-asset whose value references the euro, backed 1:1 by reserves of cash and short-dated euro sovereign debt, and issued by an entity authorized as an Electronic Money Institution (EMI) or credit institution under MiCA. Algorithmic or partially collateralized euro pegs are not permitted as EMTs under MiCA.
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MiCA's Title III rules for e-money tokens require issuers to hold 100% of reserves in segregated accounts at EU credit institutions and to honor redemption at par on demand. The European Banking Authority supervises significant EMTs, while smaller issuers fall to national competent authorities such as France's ACPR, the Netherlands' DNB, and Malta's MFSA. Non-MiCA euro tokens such as Tether's EURT have been delisted from EU-facing exchanges since the regulation's stablecoin provisions took effect in June 2024.
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The table below ranks the seven MiCA-authorized euro stablecoins by Q1 2026 circulating supply, with secondary signals for chains supported, DeFi liquidity, and fiat ramps. Supply figures are pulled from DeFiLlama on a rolling weekly basis and refresh as issuers publish attestations.

Supplies refresh weekly. See DeFiLlama euro-pegged stablecoins for the live snapshot.
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EURC is Circle's euro-denominated stablecoin, authorized as an EMT in France by the ACPR in July 2024 and available across nine blockchains. With approximately $220M in circulating supply as of Q1 2026, EURC commands the largest share of the EU-regulated euro stablecoin market and accounts for the bulk of cross-chain euro liquidity on DeFi venues.
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Circle launched EURC on Ethereum in June 2022 and expanded it to Solana, Base, Avalanche, Stellar, Aptos, Polygon, Arbitrum, and Hedera by 2025. Reserves are held in segregated accounts at French credit institutions, with monthly attestations published on Circle's transparency page. EURC integrates with CCTP V2, Circle's burn-and-mint cross-chain transfer protocol, enabling native EURC movement across supported chains without third-party bridge risk. Coinbase, Kraken, and Bitstamp all support EURC trading pairs against EUR fiat. See support/en/articles/15192007 for a deeper EURC explainer.
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EURS, issued by Malta-based Stasis since 2018, is the oldest euro stablecoin still in active circulation and the second-largest by supply at roughly $140M. Stasis operates under a MiCA-aligned framework via a partner EMI structure and publishes monthly third-party attestations covering reserves held at SEPA-connected European banks.
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EURS lives on Ethereum, Polygon, Algorand, XDC, and Ripple's ledger. Liquidity concentrates on Ethereum, where EURS pools on Curve Finance and Uniswap V3 anchor most onchain EUR/USD swaps. Stasis offers a consumer mobile app for SEPA-rail euro deposits and withdrawals; Kraken and AscendEX list EURS as a tradable EMT. EURS reserves and attestation history are documented on the Stasis transparency portal.
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EURI is issued by Banking Circle SA, a Luxembourg-licensed credit institution, and launched in August 2024 with deep distribution through Binance. As of Q1 2026, EURI's supply has grown to about $80M, making it the third-largest MiCA-authorized euro stablecoin and the first to be issued directly by a credit institution rather than an EMI.
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Because Banking Circle is a bank, EURI reserves can be held on the issuer's own balance sheet under MiCA's credit-institution carve-out for EMTs, simplifying the trust chain relative to EMI-issued tokens. EURI is live on Ethereum, BNB Chain, and Avalanche, with most volume routing through Binance's spot and convert venues. Banking Circle's EURI product page documents the issuance and redemption flow for institutional clients.
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EUROe, issued by Finland's Membrane Finance, holds the distinction of being the first euro stablecoin authorized under MiCA, with EMI authorization granted by the Finnish Financial Supervisory Authority (FIN-FSA) in June 2024. Supply sits near $45M across Ethereum, Polygon, Arbitrum, Solana, and the Concordium privacy chain.
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Membrane positions EUROe for compliant DeFi use, with liquidity on Velodrome (Optimism via Arbitrum bridges), Beethoven X, and Uniswap. The token integrates with Concordium's identity-layer accounts, giving institutional users a verifiable-counterparty option that the other euro stablecoins do not offer. Reserves are held at Finnish credit institutions and reported monthly on Membrane's reserve page.
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EURCV is issued by Société Générale-FORGE, the digital asset subsidiary of French bank Société Générale, and operates under MiCA as a credit-institution-issued EMT. Supply is approximately $40M, with EURCV deployed on Ethereum and Solana and primarily used for institutional settlement.
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EURCV originally launched as a permissioned token with allowlisted transfers, restricting holders to KYC-verified counterparties. In 2025, SG-FORGE relaxed transfer restrictions for retail venues, listing on Bitstamp's EU-regulated exchange. EURCV's reserve methodology is detailed in SG-FORGE's EURCV documentation. Use cases skew toward bond settlement and tokenized fund subscriptions rather than DeFi liquidity.
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EURQ is issued by Quantoz Payments, a Dutch EMI authorized by De Nederlandsche Bank (DNB) in November 2024. Supply is near $25M, with Kraken serving as the primary distribution and redemption venue. EURQ lives on Ethereum and Solana.
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Quantoz also issues USDQ, a dollar-pegged EMT, under the same MiCA framework. The dual-token model lets Kraken offer compliant EUR and USD stablecoin pairs to EU customers post-MiCA, after the exchange delisted USDT for EU users in early 2025. Quantoz publishes attestation reports on its payments portal.
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EURR is issued by StablR, a Malta-based EMI authorized by the MFSA in July 2024. Supply is approximately $20M across Ethereum and Solana. StablR also issues USDR under the same authorization.
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EURR distribution centers on Bitstamp, where Bitstamp's parent Robinhood took a strategic stake in StablR in 2024. The arrangement positions EURR as a euro-rail companion to Robinhood's expanding EU crypto operations. Reserve attestations and the MFSA authorization documentation are linked from StablR's site.
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MiCA's Title III, in force since June 30, 2024, restricts EU-facing euro stablecoin issuance to authorized EMIs or credit institutions, requires 100% reserve backing in segregated accounts at EU banks, and mandates par redemption on demand. Non-authorized euro tokens have been removed from EU exchanges, concentrating market share among the seven authorized issuers above.
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The EBA classifies stablecoins above €5B circulating supply or 10M daily transactions as "significant," triggering tighter capital, liquidity, and interoperability requirements supervised at EU level. None of the seven euro stablecoins above currently meets the significant threshold; all are supervised by national competent authorities (ACPR, MFSA, FIN-FSA, DNB, CSSF). For the broader picture across both EUR and USD MiCA tokens, see support/en/articles/15192006. Ripple's RLUSD is pursuing EU authorization as a USD EMT and is covered in support/en/articles/15192009.
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EURC dominates DeFi euro liquidity in 2026, with deep pools on Uniswap V3, Curve, and Aerodrome (on Base). EURS holds the longest-running pool history but trails EURC on multichain availability. EUROe is the dark horse for compliance-sensitive DeFi due to its Concordium integration. EURI, EURCV, EURQ, and EURR have minimal DeFi presence today.
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For applications that need to route euro stablecoin liquidity across chains, the addressable surface in 2026 is essentially EURC plus EURS. EURC's coverage of Ethereum, Solana, Base, Avalanche, Polygon, and Arbitrum makes it the practical default for cross-chain euro settlement, and Circle's CCTP V2 lets applications move EURC natively between supported chains without wrapped representations.
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Eco Routes treats EURC as a first-class stablecoin alongside USDC for cross-chain transfers, letting applications source EURC liquidity on one chain and deliver on another in a single intent. The router uses Hyperlane for cross-chain messaging and Circle's CCTP V2 where EURC native burn-and-mint is available, picking the cheapest path per route.
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For builders settling euro-denominated payments or treasury flows across Ethereum, Base, Arbitrum, Solana, and Polygon, this removes the need to manage separate bridge integrations per EURC corridor. White-label issuance comparable to Circle's EURC is also offered by Paxos for partner-branded tokens; see support/en/articles/15192010 for that issuer model.
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EURC, issued by Circle, leads with approximately $220M circulating as of Q1 2026, according to DeFiLlama. EURS (Stasis) is second at ~$140M and EURI (Banking Circle) third at ~$80M. The combined supply across all seven MiCA-authorized euro stablecoins is roughly $570M.
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Yes. EURC, EURS, EURI, EUROe, EURCV, EURQ, and EURR each hold authorization from a national competent authority in the EU under MiCA's Title III e-money token rules, supervised by ACPR (France), MFSA (Malta), FIN-FSA (Finland), DNB (Netherlands), or CSSF (Luxembourg). Authorization status is listed in the ESMA register.
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EURT is not authorized as an e-money token under MiCA. EU-regulated exchanges including Binance, Kraken, and Bitstamp delisted EURT for EU customers in 2024 once MiCA's stablecoin provisions came into force. Tether has not pursued EU EMT authorization for its euro token.
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EURC has the deepest DeFi liquidity in 2026, with pools across Uniswap V3, Curve Finance, and Aerodrome on Base. EURS pools on Curve Ethereum are the longest-running but smaller in absolute size. The other five tokens have limited DeFi presence and trade primarily on centralized venues.
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Sources and methodology. Supply figures pulled from DeFiLlama euro-pegged stablecoin tracker in Q1 2026. MiCA authorization status verified against the ESMA MiCA register and individual issuer disclosures from Circle, Stasis, Banking Circle, Membrane Finance, SG-FORGE, Quantoz, and StablR. Figures refresh quarterly.
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Updated May 2026.
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