EUR Stablecoins
Euro stablecoin prices
MiCA made euro stablecoins a regulated asset class. Their pricing still leans on thin CEX listings, dollar conversions, stale crosses. ML Data prices EURC, EURA plus an on-chain EUR/USD rate directly from DEX liquidity.
The on-chain euro is institutional infrastructure now
MiCA turned euro stablecoins into regulated e-money tokens, which moved them out of the experimental corner and into portfolios with reporting obligations. What did not move is where they trade: the on-chain euro's market is DEX pools, spread across the chains where DeFi settles rather than where Europe banks. The deepest EURC venues today sit on Base, with Ethereum's Uniswap pools behind them: a market structure any due-diligence team can verify on-chain.
That structure is exactly what the feeds read. Every rate is computed from named venues, block-pinned, with the methodology documented, so a euro-denominated mark can be traced back to the pools that produced it. For the dollar side, the catalog carries an on-chain EUR/USD rate built the same way, from euro tokens trading against dollar tokens.
Inside the flagship: EURC/USD
Composition as observed on 2026-10-27: 17 active pools across 4 chains, with thin venues excluded by depth floors before they can touch the rate.
Venues read today: Aerodrome Slipstream on Base, Uniswap v3 plus v4, PancakeSwap, QuickSwap, Velodrome on Optimism, Orca plus Raydium on Solana, Curve on Ethereum. Every pool clears depth floors before it can influence the published rate.
What we price
Circle. EURC/USD alone draws on 17 active pools across 4 chains. Quoted vs ETH, SOL, USD, USDC, USDT, WETH.
Angle Protocol (ex agEUR). Angle asks holders to redeem before 1 March 2027. Quoted vs ETH, EUR, EURC, USD, USDC, USDT, WETH. The count includes the agEUR pairs (vs ETH, EUR, USD): the old ticker of EURA, same contract, same pools.
The quiet workhorse of this category is the on-chain EUR/USD rate: the dollar price of euro tokens, computed from the DEX pools where they trade. For a protocol settling EUR-denominated products on-chain, that is a rate it can trace block by block to the pools behind it.
Euro stablecoin FAQ
What is a euro stablecoin?
A token designed to track the euro the way USDC tracks the dollar. The liquid on-chain examples today are EURC (Circle) plus EURA (Angle). Under the EU MiCA framework, euro stablecoins are regulated e-money tokens, which is pushing European exchanges plus fintechs to list them.
Why do euro stablecoin prices need dedicated feeds?
Because a euro stablecoin has two things to track at once: its euro peg plus the EUR/USD rate. Most crypto data providers price everything in dollars from CEX listings where EUR stablecoin volume barely exists. The real liquidity sits in on-chain pools, which is where ML Data measures it.
Which euro stablecoin pairs does ML Data cover?
Sixteen pairs across EURC, EURA plus agEUR, quoted against USD, EUR, ETH, SOL plus the major USD stablecoins. EURC/USD alone draws on 17 active pools across 4 chains. The catalog also carries an on-chain EUR/USD cross computed from 17 pools.
How does the on-chain EUR/USD rate relate to the euro itself?
It is the dollar price of euro tokens, read from the pools where they trade against dollar tokens. The tokens track the euro, so the rate moves with the euro-dollar cross. What remains between the two reflects the tokens themselves: their issuers, their redemption routes plus where their liquidity sits.
Why does euro market data matter under MiCA?
MiCA made e-money tokens the regulated form of the on-chain euro, which moves them into portfolios that carry reporting obligations. Positions denominated in euro tokens need marks an auditor can trace to an observable market. A feed computed from named venues, with a documented methodology, gives that trace directly: no conversion step between the mark and the market that produced it.