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[Circle]

EURC

Grade
A-
Date of Rating:
November 24th, 2025
Last Change:
November 24th, 2025
SMIDGE Scores
[S] Stability
[M] Management
[I] Implementation
[D] Decentralization
[G] Governance
[E] Externals
[S]
N/A
[M]
N/A
[I]
N/A
[D]
N/A
[G]
N/A
[E]
N/A
EURC Price
Last Update:
28/05/57878 16:40:00
$1.16
Market Cap
$333,277,219
24h Volume
$38,638,130
Collater­alization
100%
Type of Peg
Fixed - To Fiat
Type of Backing
Fiat
Data provided by
Coingecko
SMIDGE Scores
[S] Stability
[M] Management
[I] Implementation
[D] Decentralization
[G] Governance
[E] Externals
[S]
-
[M]
-
[I]
-
[D]
-
[G]
-
[E]
-
Core Team
  • Hidden Name
  • Hidden Name
Audits
Native Chains
  • Chain
Links
Full Report
Scoring Guidelines
[S]
[M]
[I]
[D]
[G]
[E]
0.00
0.00
0.00
0.00
0.00
0.00
Circle
A-

  • EURC by Circle is backed exclusively with bank deposits held at regulated financial institutions in Europe. Circle does not disclose the identity of banks that hold the deposits. However, the reserves remain fully liquid and available for quick redemptions.

  • EURC is issued by Circle Internet Financial Europe SAS, which was founded in France as a subsidiary of Circle Internet Group in 2023. The subsidiary is authorized to issue EURC and USDC within Europe.

  • Circle Internet Financial Europe SAS is regulated as an Electronic Money Institution (EMI) under the Markets in Crypto Assets (MiCA) law passed by the European Union. The issuer is supervised by the Autorité de Contrôle Prudentiel et de Résolution (ACPR France).

  • Reserves backing EURC are held in segregated accounts for the benefit of token holders, and cannot be used for the issuer’s regular business operations. These assets will likely remain protected from any potential bankruptcy of the issuer.

  • Minting EURC is restricted to institutional users globally. Redeeming EURC is also restricted to institutional users globally, except retail users in Europe who can also redeem directly. Users outside Europe transact with the Circle LLC parent company in the US.

  • EURC is the largest EUR stablecoin. However, EUR stablecoins generally suffer from a lack of significant liquidity since onchain markets and centralized exchanges prefer USD stablecoins.

  • Suitability - EURC is most suitable for (a) institutions seeking to make and receive EUR payments, (b) passive users seeking exposure to EUR in an onchain format.


The following outcomes may improve factor scores and lead to a rating upgrade.

  • Circle enables primary liquidity for retail users globally to mint or redeem EURC directly.

  • Circle publicly discloses the custodian for EURC reserves.

Circle
Stability

EURC is backed exclusively by bank deposits held by undisclosed, but regulated, financial institutions in Europe. All reserves are segregated and bankruptcy protected.

Market makers maintain the peg through arbitrage with the underlying reserves.

Circle
Management

EURC is issued by Circle Internet Financial Europe SAS, which was founded in France in 2023 as a subsidiary of Circle Internet Group. 

The group is managed a public team of executives across technology, compliance, and risk.

Circle
Decentralization

This factor evaluates censorship resistance using indicators like regulatory oversight, asset custody, and governance controls.

Decentralization is not a key objective for Circle Internet Financial SAS, who prioritizes compliance over decentralization. Therefore, this factor is not assessed.

Circle
Governance

EURC is issued by Circle Internet Financial SAS, which is regulated as an Electronic Money Institution (EMI) under the Markets in Crypto Assets (MiCA) law passed by the European Union in 2023.

The issuer publishes monthly attestations of reserves from an independent accounting firm.