Eurite (EURI) is a fiat-collateralized stablecoin pegged 1:1 to the Euro (EUR). It is issued by Banking Circle S.A., a licensed credit institution based in Luxembourg, and is designed to be fully compliant with the European Union's Markets in Crypto-Assets (MiCA) regulation. EURI operates on multiple blockchains, including Ethereum and BNB Chain, to provide a stable digital asset for trading, payments, and decentralized finance (DeFi) applications [1][2].
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Overview
Eurite was developed to bridge the gap between traditional financial systems and the digital asset economy by providing a regulated and transparent digital representation of the Euro. The project's issuer, Banking Circle S.A., is a fully licensed bank in Luxembourg, bringing a framework of regulatory oversight and financial stability to the stablecoin[3]. Each EURI token in circulation is fully backed by an equivalent amount of Euro reserves held in segregated, bankruptcy-remote accounts. This structure is intended to safeguard holder funds in the event of the issuer's insolvency [1].
The primary function of Eurite is to offer a reliable medium of exchange and store of value within the cryptocurrency market, mitigating the price volatility common to other digital assets. The stablecoin was launched as an Electronic Money Token (EMT) under the MiCA framework, positioning it as one of the first bank-issued, regulated Euro stablecoins in the European Economic Area (EEA) [4][3]. To facilitate broad adoption and utility, EURI is deployed as a multi-chain token, accessible on the Ethereum and BNB Chain networks, enabling fast and cost-effective transactions across different blockchain ecosystems [2].
History
The official X (formerly Twitter) account for Eurite was established in July 2024, ahead of the project's formal launch in August 2024 [4]. Shortly after its debut, on September 3, 2024, the project issued a public security warning to clarify that @Eurite_BC was its sole official social media channel and to caution users against fraudulent Telegram channels and airdrop scams claiming to be affiliated with the project [4].
Market activity for EURI began to be recorded in early 2025. The token registered an all-time low price of approximately $1.01 on January 13, 2025 [2]. As the project gained visibility, its team engaged with the broader blockchain community. In April 2025, representatives from the Eurite team participated in a panel discussion at Paris Blockchain Week. The panel, which also included speakers from eToro, Crypto.com, NEAR Protocol, and DFINITY, focused on how traditional banks can leverage stablecoins[4].
In May 2025, Eurite was announced as a finalist for the "Best Digital Currency Solution" at the PayTech Awards, a recognition shared with its technology partner, Fireblocks [4]. On July 3, 2025, Banking Circle and Fireblocks were declared the winners of the award, acknowledging their joint work on the EURI stablecoin solution [4]. The token later reached an all-time high price of $1.21 on January 27, 2026 [2].
Regulatory Framework and Security
Eurite is structured with a strong emphasis on regulatory compliance and the security of its underlying reserves.
MiCA Compliance
Eurite is classified as a regulated Electronic Money Token (EMT) under the European Union's Markets in Crypto-Assets (MiCA) framework. This classification subjects the issuer to stringent requirements regarding capital reserves, investor protection, and operational transparency. Being issued by an authorized credit institution allows EURI to operate legally within the European Economic Area (EEA) under this new regulatory regime [3][1].
Issuer and Licensing
The sole issuer of EURI is Banking Circle S.A., a financial institution headquartered in Luxembourg [3]. The company is authorized as a credit institution under point (1) of Article 4(1) of Regulation (EU) No 575/2013 and is under the direct supervision of the Luxembourg financial supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF).
Key registration details for Banking Circle S.A. include:
The stability of EURI is maintained by fully backing each token on a 1:1 basis with reserves consisting of cash and designated investment instruments. To protect token holders, all customer funds received for the purchase of EURI are held in a segregated account, separate from Banking Circle S.A.'s own assets. This structure is designed to be "bankruptcy remote," meaning that in the case of the issuer's insolvency, EURI holders are legally recognized as the beneficiaries of the safeguarded funds, protecting them from claims by other creditors [1][5].
Audits and Attestations
To ensure transparency and verify its backing, Eurite undergoes regular third-party audits. The global professional services firm Ernst & Young (EY) conducts periodic attestations to confirm that the circulating supply of EURI is consistently backed 1:1 by its Euro reserves. Additionally, the EURI smart contract has been audited by the blockchain security firm PeckShield to identify and address potential vulnerabilities [3].
Technology and Mechanism
Eurite's functionality is based on a fiat-collateralized model supported by a multi-chain blockchain infrastructure.
Peg Stability and Collateralization
The 1:1 peg between EURI and the Euro is the core feature of the stablecoin. This stability is achieved by ensuring that the total supply of EURI in circulation is always fully matched by an equivalent amount of EUR held in reserve accounts at financial institutions. As a regulated EMT, these reserves are subject to strict management requirements, including standards for cash levels and liquidity horizons [2][3].
Minting, Redemption, and Burning
The supply of EURI is elastic, expanding and contracting based on market demand through a regulated process primarily for institutional users like exchanges and liquidity providers:
Subscription and Purchase: An onboarded institutional user deposits Euros into Banking Circle S.A.'s bank account to purchase EURI at a 1:1 ratio.
Minting: Upon receipt of the funds, Banking Circle S.A. mints a corresponding amount of new EURI tokens and transfers them to the user's digital wallet.
Distribution: The institutional user can then make the EURI available to end-users for trading, payments, and other applications.
Redemption and Burning: When EURI is returned to Banking Circle S.A. for redemption, the tokens are burned (permanently removed from circulation), and the equivalent amount in Euros is transferred back to the institutional user's bank account.
All EURI holders have a right of redemption at any time, directly with the issuer at par value (1 EURI for 1 EUR) with no redemption fees charged by Banking Circle. This process is subject to the satisfactory completion of customer due diligence (KYC/CDD) checks [1].
Blockchain Infrastructure
EURI is a multi-chain token designed for enhanced accessibility and lower transaction costs. It is available on the following networks:
Supply: The supply of EURI is elastic and not capped, as it directly reflects the total amount of Euros held in reserve. As of February 18, 2026, the circulating and total supply was 46,968,932 EURI.
Market Capitalization: As of February 18, 2026, the market capitalization was approximately $55.38 million.
The tokenomic data is based on the full collateralization model, where the market cap tracks closely with the amount of EURI in circulation [2][5].
Ecosystem and Use Cases
Eurite is designed for a variety of applications within both the business-to-business (B2B) sector and the broader digital asset ecosystem.
Primary Applications
The project's primary focus is on B2B applications that leverage its regulated status and stability. These include:
B2B On/Off-Ramp: Providing a seamless and efficient on
and off-ramp for cryptocurrency exchanges and other financial institutions operating in the EU. The platform enables T+0 settlement speed for real-time transactions [4].
Foreign Exchange (FX) Risk Mitigation: Offering EU-based corporations trading pairs that minimize exposure to currency volatility, which is common when trading against non-Euro-denominated stablecoins.
Payments and Treasury Management: Serving as a digital currency solution for international payments and corporate treasury functions, aiming to reduce the friction, delays, and fees associated with traditional cross-border systems [1].
Broader Use Cases
Beyond its B2B focus, EURI is integrated into the wider crypto economy for several purposes:
Trading: EURI acts as a stable base currency on cryptocurrency exchanges, allowing traders to move between volatile assets without exiting the digital ecosystem. It is traded against major cryptocurrencies like BTC and ETH, as well as other stablecoins like USDT and USDC[2].
Decentralized Finance (DeFi): The stablecoin can be used in various DeFi protocols for lending, borrowing, and yield farming, providing a stable asset for users to generate returns.
Remittances: Its stability and low transaction costs on networks like BNB Chain make it a suitable option for cross-border personal remittances [2].
Decentralized Exchanges (DEXs):PancakeSwap V3 (BNB Chain) and Uniswap V4 (Ethereum).
The most active trading pair is EURI/USDT on the Binance exchange [2].
Issuer and Key Entities
Banking Circle S.A. (Issuer)
Banking Circle S.A. is the sole issuer of Eurite. It describes itself as a "next-generation bank" that provides a financial technology platform with central bank clearing rails and APIs. Headquartered in Luxembourg, the bank serves over 400 regulated businesses, other financial institutions, and online marketplaces. The company has a significant international presence with branches in Denmark, Norway, Sweden, Germany, and the United Kingdom, as well as subsidiaries in Liechtenstein, Singapore, and Australia. In 2023, Banking Circle S.A. processed over €550 billion in payments volume [3].
Key Personnel
Daniel Lee: Serves as the Head of Web3 at Banking Circle. He has represented the Eurite project at industry events, including panel discussions at the Point Zero Forum and Paris Blockchain Week[4].
Partnerships and Integrations
Fireblocks: A key technology partner in the development and deployment of Eurite. The collaboration between Banking Circle and Fireblocks, which integrates traditional banking with blockchain technology, was recognized with the "Best Digital Currency Solution" award at the 2025 PayTech Awards [4].
Auditors
Ernst & Young (EY): Conducts periodic attestations on the reserves backing EURI.
PeckShield: Performed the security audit for the EURI smart contract[3].
