EURC

Fiat-Backed Stablecoin·active·Europe

Euro stablecoin issued by Circle. Every token is redeemable 1:1 for euros, with reserves held at regulated financial institutions in the EEA and monthly attestations. MiCA compliant. Live on Ethereum, Solana, Base, Avalanche, Stellar and World Chain.

M69 Score

Methodology →

2.6

Weakly aligned

Monetary Sovereignty

2.7

Civilizational Durability

2.3

Universal Adoption

2.7

Rated 8d ago

M69 Verdict

The leading regulated euro stablecoin: institutionally solid full-reserve design with genuine multi-chain reach, but a fully borrowed unit of account, centralized control, and holder-free governance keep it weakly aligned.

M69 Score

M69 Alignment2.6

Weakly aligned

1.02.03.04.05.0

Monetary Sovereignty2.7

Issuance (3x) + Stability (2x) + Fiat Indep. (2x)

Civilizational Durability2.3

Sovereignty + Governance + Resilience

Universal Adoption2.7

Traction (2x) + Inclusivity

Iss Mod3x

3.0

Stability2x

3.0

Fia Ind & Int2x

2.0

Traction2x

3.0

Sovereignty

2.0

Governance

2.0

Resilience

3.0

Inclusivity

2.0

Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.

Detailed Rating Breakdown

Issuance Model3x

3.0

Single regulated issuer mints against full euro reserves. Issuance is debt-free and contracts symmetrically through 1:1 redemption, but the mint gate is permissioned and discretionary at Circle.

Spending Power Stability2x

3.0

Hard 1:1 euro peg held since 2022 with redemption arbitrage and monthly attested reserves. Targets fiat parity only, so it imports euro inflation and never addresses long-run purchasing power.

Fiat Independence & Interoperability2x

2.0

Unit of account fully borrowed from the euro with roughly 100% fiat reserves and EEA banking dependency. Multi-chain deployment and Circle's open cross-chain transfer standard (CCTP) give it real interoperability, lifting it above a closed fiat wrapper.

Traction2x

3.0

Largest MiCA-compliant euro stablecoin: about EUR 400-450M circulating (Aug 2026, own page and DefiLlama), live on six chains with deep exchange and DeFi integration. Still marginal next to USD stablecoins, and on-chain euro pricing stays rare.

Sovereignty

2.0

Centralized issuer with freeze capability, custodial reserves, and full exposure to US and EU regulators.

Governance

2.0

Corporate governance by a public company. Attestations and MiCA disclosures make policy visible, but holders have no voice.

Resilience

3.0

Full-reserve model whose issuer survived the March 2023 US banking crisis with redemptions intact. Well funded; no stress mechanism beyond the reserve itself.

Inclusivity

2.0

Freely transferable on-chain by anyone. Direct mint and redemption are KYC-gated to Circle Mint business accounts, so access is tiered.