EUR stablecoins
A euro stablecoin is a blockchain token designed to track the value of one euro. An issuer backs the token with euro-denominated reserves and provides a way to redeem it one-for-one for euros. Users can transfer the token between compatible digital wallets to move euro-denominated value through blockchain applications.
Dollar tokens make up most of the global stablecoin market, and euro tokens hold a small share of it. Under the EU regulation MiCA, a euro stablecoin is an e-money token that only a bank or a licensed e-money institution may issue. Ten such tokens are in circulation, led by EURC with more than half of their combined supply.
The top 10 euro stablecoins
Ranked by tokens in circulation, as counted by DefiLlama, these are the ten largest euro e-money tokens whose issuer holds a license in the EU or the European Economic Area. The amounts are rounded and change every day.
| Rank | Token | Issuer | License | In circulation, euros |
|---|---|---|---|---|
| 1 | EURC | Circle | ACPR, France | about 500 million |
| 2 | EURCV | SG-FORGE | ACPR, France | about 190 million |
| 3 | EURI | Banking Circle | Bank license, Luxembourg | about 37 million |
| 4 | EURe | Monerium | Central Bank of Iceland | about 32 million |
| 5 | EURØP | Schuman Financial | ACPR, France | about 19 million |
| 6 | EURR | StablR | MFSA, Malta | about 14 million |
| 7 | EURQ | Quantoz | DNB, Netherlands | about 9 million |
| 8 | Revolut Euro (EURR) | Bridge, sold through Revolut | CSSF, Luxembourg | about 2 million |
| 9 | EURAU | AllUnity | BaFin, Germany | about 0.4 million |
| 10 | EURW | Newrails | Bank of Lithuania | about 0.3 million |
Two tokens share the ticker EURR. One is issued by StablR in Malta, which suspended minting and redemption after a security incident in May 2026. The other is the Revolut Euro, which Bridge, a Stripe company, issues under a Luxembourg e-money license and Revolut sells to its customers.
EUROe from Finland is no longer on the list: Paxos took over its issuer, Membrane Finance, and runs the token in redemption-only mode.
Qivalis: 37 banks prepare a euro stablecoin
Qivalis, a joint venture of 37 European banks in Amsterdam, received an e-money license from De Nederlandsche Bank on 14 October 2026 and plans to start issuing in the coming months. Its members include BNP Paribas, ING, UniCredit and CaixaBank, and from Frankfurt Helaba, DekaBank and DZ BANK. The name of the token and its blockchains have not been announced.
Why a euro stablecoin needs a license
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 in the top 10 comes from a licensed credit institution or electronic money institution. MiCAR, Regulation (EU) 2023/1114 covers the e-money token rules in full.
A license from one member state is valid in all of them. A token authorized in France, Malta or Lithuania can therefore be offered to buyers in Germany without a second license.
Upcoming stablecoin and payments events in Europe
Finance Loop and euro stablecoins
Finance Loop is a 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. Finance Loop is also media partner of Capital & Code, where the opening panel debates public against private money, from a digital euro to stablecoins and tokenized deposits.
Is there a euro-backed stablecoin?
Yes, ten euro e-money tokens under MiCA are in circulation, among them EURC from Circle, EURCV from SG-FORGE and EURI from Banking Circle. Each is backed by euro reserves and redeemable 1:1 for euros.
What is the market cap of euro stablecoins?
The ten tokens in the top 10 together have about 800 million euros in circulation, by the count of DefiLlama. EURC accounts for more than 60 percent of that amount.
Are European banks launching their own euro stablecoin?
Yes, 37 European banks own Qivalis in Amsterdam, which holds an e-money license from De Nederlandsche Bank and plans to issue a shared euro stablecoin in the coming months.
Euro stablecoins and Finance Loop
Finance Loop is a partner of the Digital Euro Association and covers euro stablecoins at its events, among them the Bybit EU x Circle Roadshow in Frankfurt. Euro stablecoins are part of the Payments & Digital Money track at Finance Loop.
Finance Loop is a professional network supporting the institutional use of emerging technologies in finance, such as AI, digital payments, cloud and blockchain solutions. Finance Loop helps its members build skills and personal networks in these fields: Investment & Digital Assets, Payments & Digital Money, Digital Infrastructure & Sovereignty, and Risk & Compliance.