EURS (EURS) Reseña

What is EURS? The short answer

What is EURS? It is a euro stablecoin issued since 2018 by STSS (Malta) Limited under the STASIS brand, meant to be worth one euro and backed by euro cash. On 17 October 2026 STASIS reported about 6.9 million EURS in circulation, against €7.15 million of reserves. That makes it a small token today, far below its 2022 peak of about 116.6 million on DefiLlama.

Three facts matter more than its history. EURS is not on ESMA's register of authorised MiCA e-money tokens. Its last independent reserve check dates from August 2024. And since 8 October 2026 it has traded below the euro, about 3% under by 17 October, on decentralised exchanges only. This page sets out what is known and what is not, and why most readers have better options.

Who issues EURS?

STSS (Malta) Limited, a Maltese company incorporated on 11 May 2018 and based in St Julian's. Its parent is STSS Limited in the Isle of Man, and its ultimate parent is the STSS Foundation, also in the Isle of Man, according to the company's 2022 audited accounts. Those accounts, signed by BDO Malta on 20 May 2024, are the latest published. The EURS Ethereum contract was created on 22 June 2018.

STASIS calls EURS "the most trusted euro stablecoin since 2018" on its transparency page. That is the issuer's own marketing. The company has posted no blog article since October 2024, and its published reserve documents stopped in December 2025.

Is EURS authorised under MiCA?

No, as far as the public record shows. EURS and its issuer do not appear in ESMA's interim register of e-money token issuers and white papers, checked on 17 October 2026. The only Maltese issuers listed there were StablR and Stable mint.

That matters because of how MiCA works. Article 48 lets only an authorised bank or e-money institution that has notified a white paper offer a euro token to the public or have it admitted to trading in the EU. The transitional rules in Article 143 cover crypto service providers and other token types, not e-money token issuers. So claims that EURS was "grandfathered" into MiCA are not supported by the text.

Malta's regulator did deal with STASIS. LlamaRisk, which reviewed EURS for the Aave lending protocol, reported in an April 2024 forum post that the MFSA register showed a white paper approved on 12 June 2023 under Malta's virtual financial assets rules. The 2022 accounts say the MFSA approved a white paper for an e-money institution licence that would take effect when MiCA applied. We could not open the MFSA register to check what, if anything, is active today.

On 8 October 2026 ESMA told national regulators that licensed crypto firms should stop offering services in non-MiCA-compliant stablecoins to EU clients, leaving only selling, conversion, transfer or withdrawal for three months, in an opinion that names no tokens. In our reading EURS falls inside that group, so EU platforms have until about early January 2027 to wind down EURS services. The opinion does not stop holders moving EURS on-chain.

What backs EURS?

Euro cash in a single e-money account, by the issuer's own figures. On 17 October 2026 the transparency page showed €7,147,300.66 of reserves, all described as held at the "Lithuanian Central Bank via Nexpay", against 6,942,132.63 EURS. That implies a cushion of about €205,000, or 3%, by our calculation.

The documents behind that figure are thin. The newest published statement is a one-page account statement from UAB NexPay, a Lithuanian e-money institution, dated 12 December 2025, showing €7,382,350.66. STASIS had posted more than 1,800 daily statements since June 2018 before they stopped after that date, so the current page figure has no published document behind it. The "central bank" wording is the issuer's description; the statement shows an account at an e-money firm, not a central-bank account in STSS's name.

The last outside check came from BDO Malta in a cash reserves report dated 1 August 2024. It was an agreed-upon procedures engagement, which BDO says is "not an assurance engagement", so it gives no opinion on the reserve. It confirmed €32.4 million across three accounts at the time. BDO had produced 76 such reports since November 2018, roughly quarterly from 2021; none has been published since.

Reserves have not always been cash. The 2022 accounts say bonds "were sold during the year and shortly after the year end", and LlamaRisk asked in 2024 whether losses on that sale had been disclosed. STASIS's FAQ now says reserves are kept as cash while interest rates are positive.

Why did EURS supply fall from 124 million to 7 million?

Most of the old figure was never in circulation. For years the Ethereum contract showed 124.1 million EURS, but BDO's 2024 report counted 93.6 million of that in issuer treasury and custodian wallets as "issued but not distributed", with no reserves behind it. Aggregators such as CoinGecko still showed the full figure, which made EURS look like a $150 million coin.

No EURS has been minted on Ethereum since March 2022, and the 124.1 million total stayed unchanged until the 2026 burn while that stock came home. The custody wallets sent their balances back to the treasury between 2025 and 4 February 2026, when the last 9.99 million EURS arrived from an address holding exactly the balance BDO had listed for the issuer's Zodia custody wallet.

On 19 June the treasury, a multisig wallet, burned 118.2 million EURS, leaving 5.9 million on Ethereum. CoinGecko's market cap fell from about €129 million to €6.4 million the next day.

Real circulation had shrunk well before the burn. In November 2024 alone 21.9 million EURS returned to the treasury, and through 2025 holders other than the issuer kept roughly 6 to 8 million EURS, by our calculation from on-chain balances. Almost nothing has left the treasury since August 2024. The three trackers still disagree slightly: the issuer counts 6.94 million across all chains, DefiLlama 6.85 million and CoinGecko 5.91 million, Ethereum only.

Is EURS holding its peg?

Not closely in 2026. From early February to 7 October 2026 EURS mostly traded above the euro, usually by 2% to 8% and on single days by up to about 12% against EURC (2 March), per CoinGecko price data. Then it flipped. Between 7 and 9 October, around the ESMA opinion of 8 October, it fell from about €1.05 to just under €1, and by 17 October it stood at €0.969, about 3% below parity.

Trading is very thin. CoinGecko recorded $661 of EURS volume in the 24 hours to 17 October, after brief spikes to roughly $70,000 to $110,000 a day around 8 and 9 October. No source explains either the premium or the discount, and we found no statement from STASIS.

Liquidity is concentrated rather than absent. One Curve pool on Ethereum held about 2.1 million EURS and 1.9 million USDC on 17 October, and that pool plus one unlabelled wallet held about 63% of Ethereum supply, per Blockscout's holder list. If either moves, the market for EURS moves with it.

Can you redeem EURS for euros?

On paper, yes, through STASIS's web portal after identity checks. The issuer's Stellar metadata file says buying and selling run through webapp.stasis.net, with basic verification allowing up to €250,000 of trades a month and advanced verification no monthly limit.

What is missing is everything a holder would want to check. STASIS's FAQ says it charges fees for buying and selling, but it publishes no fee schedule, minimum or settlement time. Nothing has been minted on Ethereum since March 2022, and supply outside the treasury has not changed since February 2026, so there is no on-chain sign of mints or redemptions for eight months.

That does not prove the portal is closed. We could not confirm it is processing redemptions, though, and because EURS is not an authorised MiCA token, holders cannot rely on MiCA's fee-free redemption right either.

Can STASIS freeze EURS?

Yes, on Ethereum. The verified EURS contract lets its owner stop all transfers at once, flag individual addresses as blacklisted, set a transfer fee (currently zero) and swap the contract's logic. Since April 2021 that logic has run from a separate delegate contract, which keeps the freeze and blacklist powers. No global freeze has ever been recorded. Blacklisting emits no event, so its use cannot be counted from public logs, and we found no public freeze cases.

Other chains differ. The genuine EURS asset on Stellar cannot be revoked or clawed back, while both STASIS-named assets on Algorand have a freeze address set. Many look-alike "EURS" assets exist on Stellar; only the one from the issuer account in STASIS's metadata file is genuine.

Which blockchains is EURS on?

Mostly Ethereum. The issuer's allocation on 17 October 2026:

STASIS says it takes no responsibility for the security of bridged tokens, and its FAQ still lists Polygon as native and omits Stellar, so the transparency page is the better guide.

Where can you buy EURS?

Only on decentralised exchanges, and in small amounts. On 17 October 2026 the public market lists of Coinbase, Kraken, Bitstamp and KuCoin had no EURS market. CoinGecko showed only decentralised pools: Curve on Ethereum (EURS/USDC and EURS/EURQ), Uniswap v3 on Polygon (EURS/USDC) and Curve on Polygon (jEUR/EURS), each with a few hundred dollars of daily volume or less. Gate's API shows EURS delisted, with only withdrawals still open.

Can you use EURS in the US or UK?

There is no regulated route. We found no US status for STSS, no US exchange listing and no published eligibility rules for US or UK residents on the STASIS portal. Under the GENIUS Act, a coin redeemable in euros can count as a payment stablecoin, and from 18 July 2028 US platforms may offer one from a foreign issuer only if the Treasury finds its home regime comparable and the issuer registers with the OCC. An issuer without authorisation at home would not get that far.

UK readers are in the same position. No exchange we checked lists EURS for UK users, and STASIS's statement that it holds legal opinions for the US and UK is its own claim.

EURS vs EURC and other euro stablecoins

Larger euro coins such as EURI and EURe are also on ESMA's register.

How is EURS taxed in the US?

The IRS treats digital assets, stablecoins included, as property, so selling or swapping EURS is a taxable disposal measured in dollars, per its digital assets page. EUR/USD moves and EURS trading away from par can both create gains or losses. The Form 1099-DA rules do not cover decentralised or non-custodial brokers, so most EURS trades will not appear on a 1099-DA, and whether EURS meets the "qualifying stablecoin" test is unsettled. Our US crypto tax guide covers the general rules.

Who should use EURS?

Very few people in 2026. Existing holders with a verified STASIS account can try to redeem through the portal, and should keep records if they do. For anyone else, EURS combines no MiCA authorisation, no independent reserve check since 2024, no centralised listings and a price that has traded 2% to 8% above and about 3% below par this year.

If you need a euro stablecoin, EURC offers monthly reserve reports and MiCA redemption rights, and EURCV keeps its reserve in cash at Société Générale. Compare them on our stablecoin hub, or read what a stablecoin is for the basics.

Sources

1. STASIS, transparency page (reserves, circulation and chain allocation), FAQ and Stellar metadata file. Accessed 2026-10-17.
2. UAB NexPay, reserve account statement, 2025-12-12 (latest published). Accessed 2026-10-17.
3. BDO Malta, cash reserves report (agreed-upon procedures), 2024-08-01. Accessed 2026-10-17.
4. STSS (Malta) Limited, audited financial statements 2022, BDO Malta opinion signed 2024-05-20. Accessed 2026-10-17.
5. ESMA, interim MiCA register of e-money token white papers, and opinion on services related to non-compliant stablecoins, 2026-10-08. Accessed 2026-10-17.
6. ESMA interactive single rulebook, MiCA Article 48 and Article 143. Accessed 2026-10-17.
7. LlamaRisk, EURS assessment on the Aave governance forum, 2024-04-30. Accessed 2026-10-17.
8. Blockscout, EURS contract source, delegate contract, holder list, treasury burn of 2026-06-19 and transfer to the treasury of 2026-02-04; Stellar Horizon asset data. Accessed 2026-10-17.
9. CoinGecko, EURS market data, and DefiLlama, EURS supply history, 2026-10-17. Accessed 2026-10-17.
10. Exchange market lists: Coinbase, Kraken, Bitstamp, KuCoin, Gate, 2026-10-17. Accessed 2026-10-17.
11. US Government Publishing Office, GENIUS Act; IRS, digital assets and Instructions for Form 1099-DA. Accessed 2026-10-17.
12. STASIS, lists of published daily statements, BDO reports and blog posts. Accessed 2026-10-17.
13. Algorand indexer, EURS asset data; Ethereum archive-node queries (supply history, treasury transfers, Curve pool balances), our calculation. Accessed 2026-10-17.