Anchored Coins AG was founded in Zug, Switzerland, to issue fiat-backed stablecoins.

Anchored Coins launched its EUR-pegged (AEUR) and CHF-pegged (ACHF) stablecoins on the Ethereum and BNB Chain networks.

The Swiss regulator FINMA initiated bankruptcy proceedings against FlowBank SA, the bank holding the EUR reserves for AEUR, creating a crisis for the stablecoin.

Following the FlowBank crisis, Anchored Coins successfully restructured its collateral, ensuring circulating AEUR was fully backed by reserves held at Swissquote Bank SA.

Citing the EU's MiCAR regulation, which requires EU-based issuers, the Swiss company announced it would cease issuing new AEUR and withdraw from the market.