EURe (EURe) Reseña

What is EURe? The short answer

What is EURe? It is a euro stablecoin issued by Monerium, an Icelandic e-money institution, that is built around a personal euro IBAN linked to your crypto wallet. Send euros by SEPA to that IBAN and EURe arrives in your wallet; send EURe back and euros land in your bank account. About 28 million EURe existed across seven blockchains on 17 October 2026, making it the fourth-largest euro stablecoin.

That bank-account link is what EURe is for. It powers crypto debit cards and on-chain euro payments, mostly on the Gnosis chain. The trade-offs are a small market, no public reserve attestation yet, and no access at all for US residents. This page covers who issues EURe, what backs it, how the IBAN works, and who can use it.

Who issues EURe?

Monerium hf., an Icelandic company registered as number 550512-1060, issues EURe as an authorised electronic money institution supervised by the Central Bank of Iceland's Financial Supervisory Authority. Monerium has held an Icelandic e-money licence since 2019 (through a subsidiary until a 2024 merger) and passported it across the European Economic Area in January 2020.

It has no parent company. Its chief executive is Gísli Kristjánsson, according to its 2026 MiCA white paper. The white paper says companies related to the entities running blockchains that Monerium issues on are minority shareholders, and it names close working ties with people associated with Gnosis, Noble and Linea.

Iceland is in the EEA, not the EU, so MiCA applies there through the EEA Agreement, in force since 24 June 2025. EURe appears on ESMA's interim MiCA register as an e-money token, with the Central Bank of Iceland as competent authority and a white paper notified on 9 January 2026. Monerium also issues a sterling token, GBPe.

How does the EURe IBAN work?

You open a Monerium account, pass identity checks and link a self-custody wallet. Monerium then gives you a euro IBAN in your own name, provided through Estonia's AS LHV Pank, so the number starts with EE.

Euros sent to it are minted into EURe in your wallet; EURe you send for redemption is burned and paid out as euros over SEPA, using SEPA Instant for payments up to €100,000 where the other bank supports it. Monerium charged no fees for the IBAN, SEPA transfers, minting or burning in October 2026, per its EURe page, and its terms allow fees in future with 30 days' notice.

The flow works through Monerium's own app or partner wallets such as Safe and MetaMask. Monerium says EURe has handled more than €8 billion of volume, its own figure; its 2026 white paper reported €2.6 billion of cumulative turnover to the end of 2024.

What backs EURe?

Customer funds sit in ring-fenced accounts separate from Monerium's own money. According to Monerium's financial information page, "the bulk" is invested in the AAA-rated State Street EUR Liquidity LVNAV money market fund, and the rest is held as deposits at Arion bank in Iceland and LHV in Estonia. Monerium does not publish the split between them.

Monerium also holds its own capital of at least 2% of e-money issued, which it markets as "overcollateralized 102%". That extra 2% is company equity, not part of the ring-fenced reserve. Backing for holders is 1:1. The year-end figures on the same page show €26.5 million of e-money issued and safeguarded at the end of 2024.

The gap is independent verification. Monerium publishes no reserve attestation. It says e-money institutions are not required to, that it is "preparing to make regular public attestations", and that its accounts are audited and filed with the supervisor. Because the fund-versus-deposit weights are not public, readers also cannot check the reserve against MiCA's rule that at least 30% of an e-money token's funds sit in bank deposits. That is an open question, not an allegation.

Is EURe safe?

EURe's structure is conservative, but it is small and thinly disclosed. Weigh it this way:

• Regulated issuer. A licensed e-money institution with a legal duty to redeem at par, and EURe is a MiCA-documented e-money token.
• Low-risk assets. A AAA euro money market fund and bank deposits.
• No attestation. Unlike EURC, which has monthly Deloitte reports, EURe has no third-party reserve report to read.
• Small, DEX-only market. EURe is not listed on centralised exchanges, so outside Monerium's own redemption you trade it in on-chain pools.
• Freeze power. The contracts include a blacklist, and Monerium has used it (see below).

The peg has held closely. DefiLlama's price data comparing EURe with EURC, sampled every 36 hours over the year to October 2026, stayed between 0.982 and 1.015. CoinGecko shows a one-off low of about €0.845 on 23 June 2026. DefiLlama's hourly data for that day show only a one-hour dip of about 3% against EURC, so the CoinGecko figure looks like a bad print in a thin pool, and the real move was a brief wobble.

Can Monerium freeze EURe?

Yes. The contracts "incorporate blacklist features", the white paper says, and Monerium's terms oblige it to blacklist addresses and freeze e-money where the law requires. It has done so in at least two public cases. After 611,000 EURe was taken from a hacked LCX exchange wallet on 9 January 2022, Monerium froze the tokens and reissued them to LCX, per its February 2022 statement. In November 2025, after the Balancer exploit, Gnosis reported that "Monerium froze the compromised EURe balances" on Gnosis Chain, in a forum update.

A separate incident hit EURe users without touching Monerium's contracts. On 1 June 2026 a flaw in a Gnosis Pay wallet module let an attacker take about $1.5 million from exposed wallets, including about $453,000 of EURe, and Gnosis restored the users' funds, per its post-mortem.

Which blockchains is EURe on?

Monerium lists seven: Ethereum, Gnosis, Polygon, Arbitrum, Base, Linea and Noble. Gnosis still holds most of the supply, though its share fell from about 76% in May 2026 to 59% in October as its own balance shrank and Arbitrum and Polygon grew, per DefiLlama.

Scroll still appears in Monerium's white paper and token docs but held zero EURe in October 2026, and a small legacy balance remains on Algorand.

What is EURe used for?

Mostly payments and DeFi on Gnosis. EURe has been the euro behind the Gnosis Pay Visa card, which spends stablecoins from a self-custody wallet. That use is changing: Gnosis Pay announced on 21 September 2026 that its consumer card and web app will stop on 20 December 2026 as it shifts to business customers, per its help centre, with partner apps taking over. Monerium also works with MetaMask's card and the Bleap app.

In DeFi, the Aave lending market on Gnosis held about $16.7 million of EURe deposits on 17 October 2026, paying 2.4% to suppliers, per DefiLlama, and a new Morpho EURe vault on Arbitrum launched in October 2026. Those rates come from borrowers, not Monerium. MiCA bars Monerium from paying interest on EURe itself.

Who can use EURe?

EEA residents first, and US residents not at all. Monerium's terms require customers to confirm they are not US residents and will not send e-money to US residents, and its country list marks both US residency and US nationality as prohibited. One FAQ on Monerium's site lists the United States as eligible for an IBAN; the terms and country list say otherwise, and we treat those as authoritative. A US person who buys EURe in a decentralised pool has no direct redemption route.

UK residents are accepted on Monerium's country list, and Monerium says cards built on EURe are available in the UK. We could not check Monerium's FCA status because the register would not load. Monerium's own pages disagree on how widely it issues IBANs outside the EEA, so check eligibility in the app before relying on it.

For US residents, a stablecoin redeemable in euros can count as a payment stablecoin under the GENIUS Act, and Monerium has no US authorisation, so this is unlikely to change soon.

EURe vs EURC and other euro stablecoins

EURe wins on the account link, because unlike EURC and EURCV it gives you your own IBAN that mints and redeems automatically. EURC wins on size, disclosure and exchange access. Market figures are from DefiLlama on 16 October 2026.

How is EURe taxed in the US?

US residents cannot use Monerium. If you hold EURe anyway, the IRS treats stablecoins as property, so a sale or swap is a taxable disposal measured in dollars, and EUR/USD moves alone can create a gain or loss, per the IRS digital assets page. Our US crypto tax guide covers the general rules.

Who should use EURe?

EURe suits EEA residents who want euros to move between a bank account and self-custody without an exchange in the middle: card users, people paid in euros on-chain, and DeFi users on Gnosis or Arbitrum. For them the IBAN is a real convenience.

It suits people who want a heavily audited, widely traded euro coin less. Until Monerium publishes attestations, EURC offers more disclosure and liquidity. Compare all the euro coins on our stablecoin hub, and see what a stablecoin is for the basics.

Sources

1. Monerium, EURe MiCA white paper, 2026-02-09. Accessed 2026-10-17.
2. Monerium, EURe page and financial information. Accessed 2026-10-17.
3. Monerium, personal terms of service (effective 2025-05-20) and country eligibility list. Accessed 2026-10-17.
4. GLEIF, Monerium hf. LEI record, updated 2026-01-21. Accessed 2026-10-17.
5. ESMA, interim MiCA register; EFTA, MiCA in the EEA Agreement. Accessed 2026-10-17.
6. Monerium, licence passported across the EEA, 2020-01-03. Accessed 2026-10-17.
7. DefiLlama, EURe supply and chains, 2026-10-16; on-chain totalSupply reads per chain, 2026-10-17. Accessed 2026-10-17.
8. Monerium, LCX freeze statement, 2022-02-17; Gnosis forum, Balancer hack update, 2025-11-05. Accessed 2026-10-17.
9. Gnosis, Gnosis Pay exploit post-mortem; Gnosis Pay, consumer card wind-down, 2026-09-21. Accessed 2026-10-17.
10. DefiLlama, yield pools and EURe price data; CoinGecko, EURe market data. Accessed 2026-10-17.
11. US Government Publishing Office, GENIUS Act; IRS, digital assets. Accessed 2026-10-17.
12. Monerium, fee schedule (archived 2026-08-25). Accessed 2026-10-17.
13. Monerium blog, cards and euro stablecoins in 2026, 2026-01-14; Bleap integration, 2026-06-10; Morpho EURe vault on Arbitrum, 2026-10-15. Accessed 2026-10-17.
14. ESMA, MiCA Article 54, investment of funds received for e-money tokens. Accessed 2026-10-17.
15. DefiLlama, stablecoin supply by coin (euro stablecoin ranking, EURC and EURCV supply), 2026-10-16; Circle, EURC transparency and monthly reports; SG-FORGE, EURCV product page. Accessed 2026-10-16.