EURI (EURI) Reseña

What is EURI? The short answer

What is EURI? It is a euro stablecoin, branded Eurite, issued by Banking Circle S.A., a Luxembourg bank, under the EU's MiCA rules since 2024. It was best known as Binance's euro stablecoin. On 16 October 2026, 33.1 million EURI existed on Ethereum and BNB Chain, down 34% from 50.2 million in May, after Binance's retreat from the EU in June 2026 coincided with a brief depeg and large redemptions.

EURI's appeal is a bank as issuer: Banking Circle holds a full banking licence from Luxembourg's CSSF rather than an e-money licence. Its weak points are disclosure and venue dependence. Banking Circle publishes no reserve attestation, and when Binance's EU status changed, EURI traded up to about 4.4% below the euro on Binance. This page sets out what we know, what we could not confirm, and who EURI suits.

Who issues EURI?

Banking Circle S.A., a credit institution supervised by the CSSF in Luxembourg, issues EURI acting as a fiduciary under Luxembourg's trust law. That structure keeps the reserve outside the bank's own balance sheet.

Banking Circle is a payments bank for financial companies; at the end of 2024 it reported total assets of €4.33 billion and a profit of €67.3 million, in accounts audited by Ernst & Young. B Circle Holding S.A. owns it outright, and former UBS and ING chief executive Ralph Hamers became chairman of the group board in April 2026, per Fintech News.

Banking Circle notified EURI's MiCA white paper on 28 August 2024, according to ESMA's interim MiCA register. When it launched, Banking Circle was one of the first banks to issue a MiCA euro token. That is no longer unusual, since the ESMA register now lists other bank issuers, including Oddo BHF, Bison Bank and CACEIS Bank. From 15 April 2026 Banking Circle was also authorised as a crypto-asset service provider under MiCA, and in September 2026 it began acting as reserve bank for another issuer's dollar token, AllUnity's USDAU.

What backs EURI?

A segregated fiduciary pool held for EURI holders in "cash and/or low risk cash equivalents" in euros, according to EURI's terms and white paper. Banking Circle's Eurite site describes the coin as "backed 1:1 by cash in Euros", which is the issuer's description.

What you cannot find is a reserve report. As of 16 October 2026 Eurite's website linked no attestation, and its full library of published documents contained none. The site says EURI "is attested by a top tier auditor", but it names no firm and links no report. Ernst & Young's audit covers Banking Circle's own statutory accounts, not the EURI reserve.

So readers cannot check the reserve's size or how it is split between bank deposits and other assets. On-chain supply is public, which shows how many tokens exist but not what backs them.

What happened to EURI in June 2026?

EURI's biggest market was Binance, and Binance's EU position changed fast. Binance withdrew its MiCA application in Greece on 24 June 2026, per its own announcement, and told users in several EU countries that it would restrict services before the 1 July 2026 deadline, CoinDesk reported.

On 25 June, the day after the Greek withdrawal, Binance's EUR/EURI market priced EURI as low as about €0.956, a 4.38% discount, per Binance's own price data. Smaller discounts of about 2% returned on 26 June and on 29 to 30 June. On 1 and 2 July the price briefly swung the other way, to a premium of about 1.4%, before settling at par.

Binance's EU retreat continued after that. By 1 October 2026 it had suspended new spot orders, deposits, sign-ups and Earn for users in France, Italy, Spain and Poland, with withdrawals still open, and ESMA and regulators in France, Germany and Greece were examining how it serves other EU customers from its Abu Dhabi entity, Blockhead and Euronews reported.

The burns are visible on-chain. Etherscan shows the 17.76 million EURI leaving a hot wallet it labels "Binance 14" on 26 and 30 June, passing through the address that has received every large EURI mint since launch, and reaching Banking Circle's burn wallet within an hour. Every large mint went the other way, to an address Etherscan labels "Binance Deposit". That fits redemptions made through Binance's custody, by Binance itself or by a client, but neither Binance nor Banking Circle has said who redeemed.

The lesson is simple. The episode shows the risk of a stablecoin whose trading depends on one venue: redemption at par existed throughout, but holders selling on the exchange took the discount. Binance still lists EUR/EURI, EURI/USDT and EURI/USDC, though most of EURI's tracked trading volume had moved to WhiteBIT by October 2026.

Can you redeem EURI at par?

Yes, and any holder can ask, not only Banking Circle clients. The white paper gives a right to redeem "at any time and at par value" with no fee. You email Banking Circle's redemption address, complete identity and wallet checks, and send EURI to its burn wallet; Banking Circle pays five business days after receiving the request. Copy the burn wallet address only from Banking Circle. Since April 2025, address-poisoning spam has planted lookalike copies of the burn wallet address in EURI's on-chain transfer history.

Speed depends on paperwork. If you do not complete the checks within five business days, Banking Circle may suspend the request and, if they are still not done 15 days later, end the redemption right and treat the funds as dormant, its terms say. Only institutions such as exchanges and trading platforms can mint.

One clause stands out. Banking Circle may redeem all outstanding EURI at par if the token is no longer admitted to trading on any exchange, if its trading on an exchange is restricted, or "in its sole discretion". Holders would get euros back, but the token could disappear.

Is EURI safe?

Strong issuer, weak transparency. A licensed EU bank with €4.3 billion of assets, acting as fiduciary for a segregated pool, is a solid structure, and the redemption right is clear. Against that, there is no published reserve attestation, the June 2026 discount showed how much EURI's price depends on Binance, and the contract's owner can freeze addresses, pause transfers and upgrade the contract.

Under the current contract code, it cannot burn or seize a holder's tokens, because only the burn wallet can burn, and only its own balance. On Ethereum, the contract had recorded no freeze or pause events and no upgrades by 16 October 2026; BNB Chain was not checked.

On-chain, the owner is a single wallet address rather than a multisig contract. PeckShield's 2024 audit says the team confirmed it uses a multi-sig account, which may be managed off-chain; we could not verify that.

EURI also briefly printed far below its value during the market crash of 10 October 2025: Binance's EURI/USDT pair touched 0.9368 USDT for a few minutes, while the EUR/EURI pair stayed at par. That was a thin-book wick in one pair, not a reserve problem.

Which blockchains is EURI on?

Two: Ethereum and BNB Chain, at the same contract address. On 16 October 2026 Ethereum held 30.2 million EURI and BNB Chain 3.0 million. Banking Circle has added or dropped no chain since May 2026.

Can you use EURI in the US or UK?

Not in the US. EURI's terms say it "may not be offered or sold in the United States or to, or for the account or the benefit of, U.S. persons", and Binance.US, Coinbase and Kraken do not list it.

That is unlikely to change soon. Under the GENIUS Act, Banking Circle would count as a foreign issuer, and from 18 July 2028 US platforms could offer EURI only if the Treasury finds the issuer's home regime comparable and the issuer registers with the OCC, and no such determination had been made by October 2026. In the UK, none of the regulated venues we checked lists EURI, though direct redemption is open to non-clients who pass Banking Circle's checks.

EURI vs other euro stablecoins

EURI was the third-largest euro stablecoin on 16 October 2026 with about 4.5% of supply, behind EURC and EURCV, per DefiLlama.

How is EURI taxed in the US?

US persons should not be buying EURI, but the general rule is that the IRS treats stablecoins as property, per the IRS digital assets page, so selling or swapping one is a taxable disposal measured in dollars. Because EURI tracks the euro, EUR/USD moves alone can create a gain or loss. Our US crypto tax guide covers the details.

Who should use EURI?

EURI suits traders outside the US who want a bank-issued euro token on Binance or WhiteBIT, and institutions that value Banking Circle as a counterparty. For everyone else, the lack of a reserve attestation and the June 2026 episode argue for EURC, which publishes monthly reports and trades on more venues. Compare the euro coins on our stablecoin hub, or start with what a stablecoin is.

Sources

1. ESMA, interim MiCA register (e-money token white papers and CASPs), updated 2026-10-16. Accessed 2026-10-16.
2. Banking Circle, Eurite (EURI) site, EURI white paper and EURI terms and conditions. Accessed 2026-10-16.
3. Banking Circle S.A., annual accounts 2024, EY opinion signed 2025-06-16. Accessed 2026-10-16.
4. CoinDesk, Binance tells EU users it will stop services, 2026-06-26; Unchained, Binance suspends EU services, 2026-06-26. Accessed 2026-10-16.
5. Binance, EUR/EURI price data and listed pairs, 2026-10-16. Accessed 2026-10-16.
6. Banking Circle, reserve banking for AllUnity's USDAU, 2026-09-30. Accessed 2026-10-16.
7. Etherscan, address behind the June 2026 burns; Blockscout, EURI contract implementation. Accessed 2026-10-16.
8. DefiLlama, stablecoin supply data; CoinGecko, EURI market data, 2026-10-16. Accessed 2026-10-16.
9. US Government Publishing Office, GENIUS Act; IRS, digital assets. Accessed 2026-10-16.
10. Etherscan, Binance 14 hot wallet and Binance Deposit address; Blockscout, EURI transfer logs. Accessed 2026-10-17.
11. PeckShield, EURI smart contract audit, 2024-06-18. Accessed 2026-10-17.
12. Euronews, EU watchdogs question Binance, 2026-10-01; Blockhead, regulators question Binance's MiCA exemption, 2026-10-01; Binance, MiCA update, 2026-06-24. Accessed 2026-10-17.
13. Fintech News, Banking Circle appoints Ralph Hamers, 2026-04-14; Paperjam, Banking Circle's EMT and CASP licences. Accessed 2026-10-17.