Euro stablecoins under MiCA

Under MiCA, Regulation (EU) 2023/1114, a token that references the value of one official currency, such as the euro, is an e-money token under Article 3(1)(7). Only a credit institution or an electronic money institution may offer an e-money token to the public in the EU, under Article 48, and every token has to stay redeemable 1:1 for the currency it references. That is why every euro stablecoin named here comes from a licensed credit institution or electronic money institution. MiCAR, Regulation (EU) 2023/1114 covers the e-money token rules in full.

Dollar-denominated tokens still make up the large majority of the global stablecoin market, which is one reason euro-denominated tokens have drawn interest from European banks and treasuries that want a euro-denominated alternative issued under EU supervision.

AllUnity, a company founded by DWS, Flow Traders and Galaxy, issues EURAU from Frankfurt under a BaFin e-money institution license. AllUnity calls EURAU Germany's first MiCA-compliant euro stablecoin, fully reserved and built on what it describes as a multi-bank reserve model. Deutsche Bank has named EURAU among the stablecoins on its list for institutional custody clients.

Circle, the company behind the dollar stablecoin USDC, issues EURC under an e-money institution license from France's ACPR. Circle states it was the first global stablecoin issuer to comply with MiCA, and under MiCA's single-license principle, that French license lets Circle offer EURC across the whole EU, including Germany.

Ten major European banks, among them BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank and KBC, formed a joint venture called Qivalis, based in Amsterdam, to issue a MiCA-compliant euro stablecoin under a license from De Nederlandsche Bank. According to CaixaBank, the consortium's goal is a 24/7 payment and settlement token. Where AllUnity and Circle each built their token around one company's balance sheet, Qivalis is designed from the start as shared bank infrastructure, closer in spirit to how SEPA itself was built.

Finance Loop is a strategic partner of the Digital Euro Association, whose Digital Euro Conference puts euro stablecoins on the agenda next to the digital euro. Finance Loop supported the Bybit EU x Circle Roadshow in Frankfurt, with panels on stablecoins, USDC and EURC. AllUnity, issuer of EURAU, has spoken at the Frankfurt Forum on Digital Assets and Applications, which Finance Loop covers. AllUnity also hosts Capital & Code in Frankfurt, with Finance Loop as media partner, where the opening panel debates public against private money, from a digital euro to stablecoins and tokenized deposits. The speakers of Capital & Code 2026 include Deutsche Bundesbank, Mastercard, Fidelity International and Ubyx.

Yes. EURAU from AllUnity in Frankfurt and EURC from Circle are both euro-backed stablecoins licensed under MiCA, and a bank consortium named Qivalis is building a third. All three are redeemable 1:1 for euros.

Euro-denominated stablecoins remain a small fraction of the roughly 300 billion dollar global stablecoin market, which is still dominated by dollar tokens. Exact figures for EURAU and EURC change daily; each issuer publishes its own reserve reporting.

Yes. Ten major European banks, including BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank and KBC, formed the joint venture Qivalis in Amsterdam to issue a shared, MiCA-compliant euro stablecoin under a license from De Nederlandsche Bank.