HEURO
HEURO is a euro stablecoin issued by Heuro SAS, a French electronic money institution supervised by the ACPR. Each token is redeemable one for one against euros held in cash and liquid assets at EU regulated banks. It runs on Ethereum and Solana and reached about 600 million euros in circulation in early 2026.
The new volume leader among euro stablecoins: a regulated, fully fiat-backed EMI token with real scale claims but opaque ownership and distribution questions flagged by independent press.
M69 Score
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Detailed Rating Breakdown
Issuance Model3x2.0
Single permissioned issuer minting against euro deposits. Full-reserve and debt-free, with user-initiated redemption, but entirely discretionary and disconnected from any real-economy signal.
Spending Power Stability2x2.0
Hard 1:1 euro peg backed by cash and liquid assets. Peg discipline is regulatory, not algorithmic; long-term purchasing power simply follows euro inflation.
Fiat Independence & Interoperability2x1.0
Fully fiat: euro unit of account, euro reserves at EU banks, existence contingent on an EMI licence.
Traction2x2.0
Reported 600M euro circulation within weeks of launch made it the largest euro stablecoin, but press investigation questions how organic that distribution is, and there is no visible merchant or unit-of-account usage. Track record under the HEURO name is months old.
Sovereignty1.0
Centralized issuer in a single jurisdiction with standard freeze capability; the ACPR licence that enables it is also a shutdown switch.
Governance1.0
Opaque. The issuing company has changed names at least four times since 2017 and its shareholding sits offshore; no published governance process for monetary decisions.
Resilience2.0
No crisis history yet. Concentration in one small company plus open questions about distribution channels are unpriced risks; reserve model itself is conventional.
Inclusivity3.0
Tokens transfer permissionlessly on public chains and holding requires no identity, but minting and redemption are KYC-gated through the issuer.