Euro Stablecoins On-Chain: EURC, EURA and MiCA

A euro stablecoin is a token built to hold the value of one euro. In the European Union a token like that is regulated as an e-money token under MiCA. EURC, issued by Circle, is a euro token with a documented MiCA status: Circle says it qualifies as an e-money token. Circle’s European entity also appears in ESMA’s interim MiCA register. EURA, the euro token of Angle Protocol, is built differently. Angle’s own site now says the protocol is entering its final chapter and asks holders to redeem before 1 March 2027.

The second half of the answer is about price. A euro token is pegged to the euro, but when it is quoted in dollars, as it is on our feed pages, its price moves whenever the euro moves, even if the peg holds perfectly. Anyone monitoring one has to tell those two things apart.

What MiCA calls a euro stablecoin

Regulation (EU) 2023/1114 defines an “e-money token” as a crypto-asset that purports to maintain a stable value by referencing the value of one official currency. An official currency is one issued by a central bank or other monetary authority. A token that references another value, or a combination that can include several currencies, is an “asset-referenced token” instead.

The rules for the two types sit in Title III (asset-referenced tokens) and Title IV (e-money tokens). Both titles have applied since 30 June 2024. The rest of the Regulation has applied since 30 December 2024.

For an e-money token the Regulation sets out a short list of obligations:

• Who may offer it. The issuer, authorised as a credit institution or an electronic money institution, with a white paper notified to the competent authority and published. Other persons may offer it or seek its admission to trading with the issuer’s written consent (Article 48).
• Redemption. Holders have a claim against the issuer. The token is issued at par on receipt of funds. On request the issuer redeems it at any time at par, in funds, without a fee (Article 49).
• No interest. Issuers and crypto-asset service providers may not grant interest on e-money tokens (Article 50).
• Reserves. At least 30 % of the funds received sit in separate accounts at credit institutions. The rest goes into secure, low-risk assets denominated in the same official currency the token references (Article 54).

That last rule matters for anyone pricing the token. A MiCA euro token holds euro reserves and carries a redemption right in euros, so its anchor is one euro. Where e-money tokens sit among other stablecoin designs is covered in types of stablecoins.

Supervisors have also published their expectations of the market around these tokens. On 17 January 2025 ESMA and the European Commission published guidance on non-MiCA compliant asset-referenced and e-money tokens, which expects national authorities to ensure that crypto-asset service providers comply by the end of Q1 2025. On 8 October 2026 ESMA published a further item on supervisory expectations for services related to unauthorised stablecoins.

EURC: a euro token with a named issuer

EURC is issued by Circle Internet Financial Europe SAS, an electronic money institution authorised by the ACPR in France. Circle’s page says EURC is redeemable 1:1 for euro and is backed by euro-denominated assets held as reserves for holders. Circle’s developer documentation adds that it publishes monthly attestation reports on the reserve holdings.

ESMA’s interim MiCA register lists the same entity in its file of e-money token issuers, with the ACPR as competent authority, the type “Electronic money institution” and a link to a EURC white paper. The entry carries the date 1 July 2024. We read that file on 23 October 2026. ESMA calls the register interim and says it is republished at intervals, so treat it as a dated reading.

For a data team, two practical details. Circle lists EURC on nine mainnets, so a system that reads it needs a contract per chain. And on Ethereum the token reports 6 decimals, which we measured on 23 October 2026 by calling the contract’s decimals() function through a public RPC endpoint.

EURA: formerly agEUR, in its final chapter

EURA is the same token that was called agEUR: Angle renamed it in March 2024 and the Ethereum contract now reports the name “EURA (previously agEUR)”, so some listings still carry the old label.

The design differs from EURC. Angle’s documentation describes a decentralised, over-collateralised protocol. EURA uses a module called the Transmuter, one of Angle’s main minting mechanisms: a basket of assets that can all be used to mint or burn the stablecoin at oracle value. Holders can redeem at any time for a proportional amount of each asset in the basket. Angle’s documentation also says its stablecoins keep fully segregated reserves from one another.

On MiCA status, we have one dated observation. On 23 October 2026 Angle did not appear in any of the ESMA interim register files we searched (e-money token issuers, asset-referenced tokens, service providers and others). That is a reading of a register on one day, not a legal finding. We say nothing beyond it.

Angle’s final-chapter announcement

Angle’s own site, read on 23 October 2026, says “Angle is entering its final chapter”, states that every EURA is redeemable 1:1 and asks holders to redeem before 1 March 2027. The pages show no date of their own.

What this means for anyone pricing the token: a redemption deadline changes what the market price reflects. A market price reads differently once a redemption route has an end date, so check Angle’s current announcement for what applies before treating the price as a euro peg.

EURC and EURA side by side

The decimals row comes from our own measurement of both contracts on 23 October 2026. It is the kind of difference that breaks a unit conversion, since a raw EURC balance and a raw EURA balance of the same size are not the same amount.

Why the dollar price of a euro token moves

Take a token that holds its peg exactly: one token always redeems for one euro. Quote it in dollars and its price is the euro’s dollar value. When the euro rises against the dollar, the token’s dollar price rises by the same amount. Nothing about the token changed.

That is why a monitor cannot read a euro token’s dollar price the way it reads a dollar stablecoin’s. Two different things move the number:

• The euro. Every euro token shares this move. It says nothing about any one issuer.
• The token. A gap between the token and the euro. This is the peg signal. It is the part that points to reserves, redemption or liquidity trouble.

Teams can separate them in three ways. Keep a euro reference you trust next to the token and read the gap between the two, not the dollar price alone. Read two euro tokens against each other, since a shared euro move cancels and a token-specific one does not. And set alert thresholds on the gap instead of on the dollar level, because a threshold on the dollar level fires on euro news.

The dollar is a variable too. If the dollar leg wanders, a euro token’s dollar price moves for that reason as well. The dollar crosses board shows dollar stablecoins priced against one another. The wider logic of reading book stress before the headline price is in stablecoin depeg early warning.

Reading the euro tokens on ML Data

The euro stablecoin prices hub lists the euro tokens in the catalog. The EURC price feed and the EURA price feed report the market price of each token in dollars, computed from its on-chain pools, so the euro’s own movement is part of what you see. How an on-chain price is built from pool state is covered in DEX-native price feeds explained.

Sources

• Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA), Official Journal L 150, 9.6.2023
• Markets in Crypto-Assets Regulation (MiCA), ESMA
• ESMA and the European Commission publish guidance on non-MiCA compliant ARTs and EMTs (stablecoins), 17 January 2025
• ESMA sets out supervisory expectations on services related to unauthorised stablecoins, 8 October 2026
• Asset-referenced and e-money tokens (MiCA), European Banking Authority
• EURC, A Euro-Backed Stablecoin, Circle
• EURC overview, Circle developer documentation
• EURC contract addresses, Circle developer documentation
• USD Stablecoin & Euro Stablecoin, Angle Protocol
• About Angle Labs, Angle Protocol
• Angle Documentation Portal, AngleProtocol/angle-docs on GitHub
• angle-transmuter, AngleProtocol on GitHub