Banking Circle Introduces EURI: First MiCA-Regulated Bank-Backed Stablecoin

Banking Circle S.A., a tech-driven payments bank, has launched EURI, the first stablecoin regulated under the European Commission’s Markets in Crypto Assets Regulation (MiCA) and backed by a bank in the EU. This marks a significant development in the EU’s digital asset landscape, which has historically lagged behind the dominance of dollar-backed stablecoins.

Initially available through Binance and CoinUT Switzerland AG, EURI’s minting and burning processes are powered by Fireblocks’ tokenisation engine and secured by multi-party computation technology. The stablecoin will operate on Ethereum and BNB Smart Chain blockchains, with strict compliance to MiCA’s regulatory framework, ensuring user rights and security across the EU’s 27 member states.

Banking Circle has emphasised the safety and security of EURI, with fiat funds held in a bankruptcy-remote structure. EURI holders benefit from fast and efficient digital asset settlement and have the right to redeem EURI at par value.

This launch is expected to increase competition in the EU stablecoin market and lays the groundwork for future stablecoin and tokenised money offerings from Banking Circle.