EURC vs EURS: Euro Stablecoins from Circle and Stasis

EURC vs EURS Overview

EURC and EURS are the two longest-standing euro-pegged stablecoins in crypto. EURC is issued by Circle (the same company behind USDC), while EURS is issued by STASIS, a Malta-based fintech. Both target a 1:1 peg with the euro, but they differ sharply in regulatory standing, chain availability, DeFi liquidity, and market trajectory under the EU's MiCA regulation.

As of mid-2026, the total euro stablecoin market sits at roughly $900 million: a tiny fraction of the $307 billion dollar-denominated stablecoin supply. Within that niche, EURC has pulled ahead decisively, commanding the largest share of MiCA-compliant euro stablecoin supply. EURS, once the market leader, has contracted significantly after its new token issuance was suspended in 2024.

MiCA Compliance and Regulatory Status

The MiCA regulation that took effect on June 30, 2024, reshaped the euro stablecoin landscape. Issuers must hold an e-money license within the EU, maintain segregated reserves, and appear on ESMA's EMT register to issue new tokens on licensed European trading platforms.

Circle secured an Electronic Money Institution (EMI) license from France's ACPR in July 2024, making EURC one of the first stablecoins fully authorized under MiCA. Circle also files quarterly attestations on EURC reserves per ESMA's MiCA regulatory technical standards. This compliance has made EURC the default euro stablecoin on regulated EU exchanges: any platform holding a MiCA license must restrict stablecoin listings to MiCA-authorized tokens.

EURS occupies a more ambiguous position. STASIS holds an MFSA (Malta Financial Services Authority) license, which predates MiCA. New EURS issuance was suspended in 2024, and the token does not appear on ESMA's EMT register as of mid-2026. Some data aggregators still list EURS as "MiCA-ready," but the distinction matters: without ESMA registration, MiCA-licensed exchanges cannot list EURS for new trading activity. This regulatory gap has contributed to EURS's sharp market cap decline from its October 2025 peak of ~$284 million.

Reserve Transparency and Backing

Both stablecoins are fiat-backed, meaning each token should be redeemable 1:1 for euros. The quality and verifiability of those reserves differ.

EURC reserves consist of euro-denominated cash and short-duration European government securities held in segregated accounts at EEA-regulated financial institutions. Circle publishes monthly attestation reports verified by Grant Thornton on its transparency page, with additional quarterly filings required under MiCA. The segregated account structure means EURC reserves are legally ring-fenced from Circle's operating capital.

STASIS uses a four-layer verification system for EURS: daily account statements, quarterly verifications, annual audits, and on-demand verification for onboarded entities, all conducted by BDO Malta. STASIS claims reserves are held in central bank accounts to reduce exposure to commercial bank leverage and duration risk. While this approach has historical merit, the suspension of new token issuance and unclear ESMA standing raise questions about how effectively redemption works at scale today.

Chain Availability

EURC and EURS target different blockchain ecosystems, with only Ethereum as common ground.

EURC's chain strategy centers on high-throughput networks with strong DeFi ecosystems. Base is growing fastest thanks to native Coinbase integration, while Solana provides access to that chain's stablecoin payment ecosystem. EURS covers a broader set of chains, including Polygon, Algorand, and XRPL, but with much thinner liquidity on each.

DeFi Liquidity and Integrations

DeFi liquidity is where EURC and EURS diverge most dramatically. EURC dominates euro-denominated on-chain trading, lending, and yield.

EURC has deep liquidity pools on Uniswap V3, Curve, and Aerodrome (Base). Market makers quote EURC/USDC pairs on DEXs, providing on-chain EUR/USD exposure without a centralized exchange. On the lending side, Aave and Morpho list EURC as borrowable collateral on both Ethereum and Base, with typical yields running 3%–5% annually depending on market conditions. This integration into major lending protocols gives EURC genuine utility beyond simple holding.

EURS pools on Curve Ethereum are the longest-running euro stablecoin DeFi integrations, but they are small in absolute terms. With EURS circulating supply contracting sharply from its 2025 peak, pool depth has thinned correspondingly. Most DEX venues now show minimal EURS volume, making large swaps prone to significant slippage.

Exchange Support and On/Off-Ramps

Exchange access determines how easily users can convert between euros and euro stablecoins. EURC has a commanding lead here.

EURC is listed on Coinbase, Kraken, Bitstamp, and Crypto.com with direct EUR trading pairs. Coinbase in particular has integrated EURC deeply: users can convert EUR deposits to EURC on-platform and use it across Base with native support. This makes EURC the most accessible euro stablecoin for European retail and institutional users on MiCA-compliant exchanges.

EURS has more limited centralized exchange listings. While it was historically available on several exchanges, the suspension of new issuance and unclear MiCA status have reduced its presence on regulated European platforms. Users looking to on-ramp or off-ramp EURS may need to use the STASIS platform directly, which adds friction compared to EURC's broad exchange availability.

Market Trajectory and Adoption

The two stablecoins are on opposite trajectories. EURC's market cap grew from roughly $200 million in early 2025 to ~$450 million by mid-2026, driven by MiCA compliance and aggressive exchange integrations. Circle's share of the euro stablecoin market more than doubled from ~17% to over 50% between January 2025 and March 2026.

EURS peaked at ~$284 million in October 2025 during a brief supply surge, then contracted dramatically. CoinGecko reports circulating supply as low as 5.9 million EURS (~$7 million), while CoinMarketCap shows a self-reported figure of ~$150 million. This discrepancy itself signals transparency challenges. Regardless of which number is accurate, EURS has lost significant ground to EURC and newer MiCA-compliant entrants like EURI (Banking Circle) and EUROe (Membrane Finance).

For a broader comparison that includes dollar-denominated stablecoins, see our EURC vs USDC comparison or the full stablecoin comparison tool.

Which Euro Stablecoin Should You Use?

For most users in 2026, EURC is the stronger choice. Its MiCA authorization, deep DeFi liquidity, broad exchange support, and growing market cap make it the practical default for euro-denominated on-chain activity.

Choose EURC if you need euro stablecoin exposure on Base, Solana, or Avalanche; if you use Aave, Morpho, or other DeFi lending markets; if you trade on Coinbase, Kraken, or Bitstamp; or if MiCA compliance matters to your business.

EURS may still serve users already holding the token or operating on Polygon, Algorand, XRPL, or Gnosis where EURC is not available. Its four-layer verification approach and central bank account custody represent a distinct model. However, the unclear regulatory status and contracting supply create risks that EURC does not share.

Users building euro-denominated payment flows should also consider the broader stablecoin infrastructure landscape. For Bitcoin-native stablecoin payments, Spark enables instant, near-zero-fee transfers of stablecoins like USDB without bridging to Ethereum or Solana.

Frequently Asked Questions

Is EURC MiCA compliant?

Yes. EURC is fully authorized under MiCA as an e-money token (EMT). Circle Mint Europe SAS received its EMI license from France's ACPR in July 2024 and appears on ESMA's EMT register. This means EURC can be listed on any MiCA-licensed exchange in the EU.

Is EURS MiCA compliant?

EURS's MiCA status is unclear. STASIS holds a Maltese MFSA license, but EURS does not appear on ESMA's EMT register and new token issuance was suspended in 2024. MiCA-licensed exchanges may not be able to list EURS for new trading activity until this is resolved.

What is the difference between EURC and EURS?

EURC is issued by Circle under a French EMI license and is the largest MiCA-compliant euro stablecoin (~$450M market cap). EURS is issued by STASIS under a Maltese MFSA license and was the first euro stablecoin (launched 2018) but has contracted significantly. They differ in chain support, DeFi liquidity, exchange listings, and regulatory standing.

Which euro stablecoin has the most DeFi liquidity?

EURC has the deepest DeFi liquidity among euro stablecoins. It is integrated into Uniswap V3, Curve, and Aerodrome for swaps, and listed as collateral on Aave and Morpho for lending and borrowing. EURS has older Curve pools but with much thinner depth.

Can I earn yield on EURC?

Yes. EURC can be deposited into lending protocols like Aave and Morpho on Ethereum and Base, where typical supply rates run 3%–5% APY depending on utilization. Some yield aggregators also route EURC into optimized strategies. Always assess protocol risk before depositing.

Are euro stablecoins better than holding euros in a bank?

Euro stablecoins offer programmability, 24/7 settlement, and access to DeFi yield, but they carry smart contract risk, issuer risk, and regulatory risk that bank deposits do not. Bank deposits up to EUR 100,000 are protected by EU deposit guarantee schemes. Euro stablecoins are not deposit-insured. The right choice depends on your use case: DeFi activity requires stablecoins, while long-term savings may be safer in insured deposits.

Why are euro stablecoins so much smaller than dollar stablecoins?

Dollar stablecoins exceed $307 billion in supply while euro stablecoins sit around $900 million. The disparity reflects the US dollar's role as the dominant global reserve and trading currency, crypto's USD-centric infrastructure (most trading pairs, DeFi protocols, and pricing are dollar-denominated), and the relative newness of MiCA-compliant euro stablecoin products. The euro stablecoin market is growing as MiCA creates regulatory clarity, but closing the gap with dollar stablecoins will take years.

This tool is for informational purposes only and does not constitute financial advice. Data is approximate and based on publicly available information as of mid-2026. Market caps, reserve compositions, chain availability, and regulatory statuses change frequently. Always verify current data on the issuer's website before making decisions.