No.244
Eurite EURI
the banker's euro coin
🎭 a buttoned-up euro note that put on a bowler hat, stepped onto the blockchain, and refuses to drift a cent from 1:1
💬 “I am not here to moon. I am here to be worth one euro today, tomorrow, and the day you want your euro back. Deposit a euro, I am minted. Redeem me, I am burned. Boring on purpose.”
- What: a euro stablecoin, worth about 1 EURI = 1 EUR, redeemable for a real euro at any time.
- Who: issued by Banking Circle, a licensed bank in Luxembourg, watched over by the regulator (CSSF).
- Aug 2024: launched as the EU's first bank-issued, MiCA-compliant euro stablecoin, listed first on Binance.
- Backing: every token covered 1:1 by euro cash in segregated reserves, with audits (Ernst & Young cited).
📖 The Story
30 June 2024. The European Union switched on a new rulebook for crypto called MiCA. For the first time, a euro-denominated digital token had clear legal footing, and the rules spelled out who was allowed to issue one: licensed, regulated money firms, not anonymous teams. That date is the doorway EURI walked through.
26 August 2024. Banking Circle, a payments bank based in Luxembourg, issued EURI and put it up for sale, first on Binance. Its pitch was unusual for crypto: this was billed as the EU's first euro stablecoin issued by an actual bank under the new MiCA rules. Where most stablecoins were dollar coins from crypto-native companies, EURI arrived as a euro coin from a bank that already answers to a banking regulator.
The promise is plain. Hand over a euro, and a EURI is minted. Hand back a EURI, and you get your euro returned at par. Behind the scenes, the matching euros sit in segregated reserves that are meant to stay safe even if the company itself ran into trouble, and outside auditors check that the cash is really there.
By 2025 Banking Circle had begun wiring EURI into cross-border payment and settlement services, the unglamorous plumbing of moving euros between businesses. That is the whole ambition: not to be exciting, but to be a euro you can trust on-chain, day or night.
📊 Stats
🧩 How it works
EURI is a fiat-collateralized stablecoin, which is the simplest kind. There is no clever algorithm holding the price up. For every EURI in the world, one real euro is parked in a reserve account. Deposit a euro and a new token is minted; redeem a token and it is burned. That is why there is no fixed supply cap, the number of tokens simply rises and falls with how many euros are deposited.
EURI lives as an ERC-20 token on Ethereum and a BEP-20 token on BNB Smart Chain, so the same coin can travel on either network.
🌗 Light & Shadow
- Issued by a licensed EU bank and built for MiCA, so it sits inside the rules instead of around them
- A euro on-chain, which lets European users avoid the dollar FX risk baked into most stablecoins
- Fully reserved 1:1 in cash, held in segregated, bankruptcy-remote accounts, with outside audits (Ernst & Young cited)
- Still small and young. As of a mid-2026 snapshot it had only about 50M tokens in circulation and a market value near $57M, far behind the giant dollar coins
- You are trusting one company. The peg only holds as long as Banking Circle keeps the full reserves and stays solvent
- The euro peg cuts both ways: against the dollar its quoted price wobbles with the EUR/USD rate, so it is not a dollar-stable asset
🧬 Evolution lineage
EURI is not a fork or a clone of any chain. It is an issued token deployed on existing networks. Its real family is the regulated euro-stablecoin group: Circle's EURC and Société Générale's EURCV are its siblings. EURI's distinguishing trait is being issued directly by a licensed EU bank.
🧭 Meet other friends
❓ FAQ
- What is Eurite (EURI)?
- A euro stablecoin worth about one euro per token. It is issued by Banking Circle, a licensed bank in Luxembourg, and every token is backed 1:1 by real euro cash held in reserve. You can redeem one EURI for one euro at any time.
- Why does EURI sometimes show a price above $1?
- Because EURI is pegged to the euro, not the dollar. When you see it quoted near $1.15, that is just the euro-to-dollar exchange rate of the day, not a broken peg. In euros, it stays right around 1.
- Is EURI safer than other stablecoins?
- It is issued by a regulated EU bank and follows the bloc's MiCA rules, with reserves audited by a top-tier firm. That is reassuring, but no stablecoin is risk-free: you still trust the issuer, its reserves, and its regulators to keep the peg.
- Where does EURI live?
- It is a token, not its own blockchain. It runs on Ethereum as an ERC-20 token and on BNB Smart Chain as a BEP-20 token, so the same EURI can move across both networks. (Information only, not an investment recommendation.)
⚠️ Not investment advice. All figures are for information only