Euro stablecoins compared: every MiCA euro coin in 2026

Euro stablecoins are a small, tightly regulated corner of the stablecoin market, and each one comes from a licensed EU bank or e-money institution that must redeem it at €1.

A euro stablecoin is a token that tracks the value of one euro and can be redeemed with its issuer for one euro. On 23 September 2026 the euro stablecoins tracked by DefiLlama added up to about €794 million, roughly $900 million, against more than $311 billion of dollar stablecoins. Circle's EURC accounts for more than half of the euro total, followed by Société Générale's EURCV.

Every euro coin issued in the EU now falls under the Markets in Crypto-Assets Regulation (MiCA), which treats a single-currency stablecoin as an e-money token. Only two kinds of firm can issue one: a licensed electronic money institution (EMI) or a bank. That licence, and the reserve rules attached to it, are the main things separating one euro coin from another.

What is EURC, and is it a cryptocurrency?

EURC is Circle's euro stablecoin, issued by Circle SAS in Paris under an EMI licence from France's ACPR, according to Circle's MiCA white paper. It runs on public blockchains like any other crypto token, so it can be sent to a wallet, traded and used in DeFi apps. Its price is designed to stay at €1, and every token is backed by euro assets that holders can redeem 1:1, so it works as a payment token.

Circle reported €403.9 million of EURC in circulation on 21 September 2026 on its EURC page. DefiLlama counted about €460 million two days later across 13 chains, since the two sources count supply on some chains differently. The white paper lists Coinbase, Kraken, Bitstamp and Bitvavo among the exchanges that trade it.

Euro stablecoins compared, 23 September 2026

Supply and chain counts are DefiLlama's circulating figures on 23 September 2026. Licences come from each issuer's white paper or announcement and the EU register of e-money token issuers, which listed 24 authorised issuers on 11 September 2026 (CASP Tracker). Some trackers show much larger figures for older coins because they count minted tokens that sit in the issuer's own wallets. DefiLlama puts Stasis's EURS at about €8 million in circulation, for example.

Are there any good, reliable EUR-backed stablecoins?

MiCA sets the same floor for all of them. An issuer must redeem at par at any time and without a fee, can't pay holders interest, and has to keep at least 30% of reserves as deposits at EU credit institutions, rising to 60% once a token is classed as significant. The rest sits in highly liquid, low-risk assets such as short-dated government bonds.

Above that floor, the coins differ on three points:

• Who stands behind the issuer: EURCV comes from a subsidiary of Société Générale and EURI from a licensed bank, while EURC is backed by Circle, the second-largest stablecoin issuer.
• Liquidity: EURC has the most exchange listings and the deepest onchain markets, so large holders can exit without going through the issuer.
• Reach: EURC runs on 13 chains, while most smaller coins sit on two to six.

Revolut's EURR and the name clash

Revolut began rolling out EURR on 26 August 2026 to eligible customers in Denmark, Poland and Portugal, starting on Ethereum. The issuer is Bridge Building S.A., the Luxembourg arm of Stripe-owned Bridge, under a CSSF licence, and Revolut distributes the token through its app and Revolut X. Revolut says wider availability in the EEA should follow later this year, and supply was about €1.9 million on DefiLlama on 23 September.

The ticker clashes with StablR's EURR, an older Malta-issued euro coin with the same symbol. The two are separate tokens with separate contracts, so anyone buying EURR onchain should check the contract address against the issuer's own page before sending funds.

Is the digital euro coming?

The digital euro is a central bank digital currency, a direct claim on the European Central Bank. That makes it a different instrument from a euro stablecoin, which is a claim on a private company holding reserves. The legislation is still in negotiation. The Council agreed its position on 19 December 2025, Parliament voted 416 to 169 on 9 July 2026 to open talks, and the first three-way negotiation took place on 13 July (European Parliament).

If the law passes in 2026, the ECB plans a pilot in 2027 and aims to be ready for a first issuance in 2029. The proposal caps how much each person can hold and says the digital euro will not bear interest (ECB opinion, paragraph 10.7). It's designed for everyday payments through banks and payment apps, while euro stablecoins run on public blockchains.

Where euro stablecoins earn yield

MiCA bars issuers and exchanges from paying interest on e-money tokens, so any return on a euro stablecoin comes from lending it or putting it into a strategy. Rates on 23 September 2026, from DefiLlama's yield data:

The Steakhouse EURCV vault held about two-thirds of all EURCV in circulation on the day, so one pool carries most of that coin's lending activity. Liquidity pools that pair EURC with USDC advertise much higher rates, some above 30% on small Aerodrome pools, driven by trading fees and incentives, and those positions take on euro-dollar exchange rate risk. Euro lending rates also run below dollar rates, since there's less demand to borrow euros onchain.

Why neobanks shipping euro stablecoins need an earn layer

A neobank that issues or distributes a euro stablecoin can't pay interest on it under MiCA, so customers holding EURR or EURC in an app earn nothing by default. The route most fintechs take is an earn product built on a separate vault, where customer balances are deployed into lending or other strategies under set limits and the share of returns is disclosed. Our guide to how neobanks and fintechs offer stablecoin yield covers the models.

Upshift builds these vaults for partners who want to offer yield under their own brand. The vault contracts have been through 10 smart contract audits by 6 independent firms, each vault's permitted protocols are set in its contract, and the Upshift frontend runs KYC and AML checks. The steps for setting one up are in how to launch an onchain vault.

Risks of holding and lending euro stablecoins

• Issuer risk: the coin is only as good as the issuer's reserves and its ability to redeem at €1.
• Thin liquidity: most euro coins trade in small onchain pools, so selling a large amount outside the issuer can move the price.
• Lending risk: smart contract bugs, oracle failures and bad debt if collateral falls faster than liquidations clear it.
• Currency risk: anyone measuring returns in dollars carries the euro-dollar rate on top of the yield.

Always make sure to do your own research and be aware of the above and any other risks before depositing.

Frequently asked questions

What is the largest euro stablecoin?

Circle's EURC, with about €404 million in circulation on 21 September 2026 by Circle's count. Société Générale's EURCV is second at about €190 million.

Is EURC a cryptocurrency?

EURC is a crypto token that runs on public blockchains, though it's built to hold a value of €1 and is redeemable 1:1 for euros with Circle. Under MiCA it's classed as an e-money token.

Is the digital euro a stablecoin?

The digital euro would be central bank money issued by the ECB, while a euro stablecoin is issued by a private bank or e-money institution. The ECB is aiming for a first issuance in 2029 if the legislation passes.

Can you earn interest on euro stablecoins?

MiCA bars issuers from paying it, so holders earn by lending euro stablecoins on markets such as Aave and Morpho, where rates were between about 1.9% and 3% on 23 September 2026.

What is EURR?

Two different tokens use the ticker. Revolut's EURR is issued by Stripe-owned Bridge and launched in August 2026, while StablR's EURR is issued in Malta. They have separate contract addresses.

Keep reading

• How to earn yield on stablecoins in 2026. The main routes across every major stablecoin.
• How the GENIUS Act and CLARITY Act reshape stablecoin yield. The US rules that sit alongside MiCA.
• What are DeFi yield vaults. How vaults deploy stablecoins and how they compare.