European Regulated Stablecoin Index
Euro stablecoins whose issuers hold a MiCA Title III e-money-token authorization, recorded in the public ESMA register. Euro-pegged, reported in US dollars at the daily EUR/USD rate, and scored on the same four-dimension rubric as the full stablecoin market.
Measured supply (USD equiv.)
$535.40M
▼ 23.7% / 30d
Quality score
83.65
▲ 11.38 / 30d
Institutional-grade
$503.76M
94% of supply · score ≥ 70
Constituents
4
4 of 4 scored
Index level — quality, not size
The level is not a capital total — dollar amounts and their movement live in the strip above. It is the supply-weighted quality score of every constituent, on the 0–100 rating scale, recomputed daily. It rises when constituents score better or supply shifts toward stronger issuers, and falls when either reverses.
Coverage
$503.76M of $535.40M MiCA-authorized euro stablecoin supply is institutional-grade today (94.1%), across 4 scored constituents.
Latest published index level · Oct 16, 2026
OCB Index
European Regulated Stablecoin Index
Which stablecoins comprise the covered supply.
Every covered member’s supply is measured whether or not it clears the institutional bar, so the mix below is the whole covered universe. The share each name holds is the weight it carries in the index.
4 issuers, one MiCA-authorization column, one rubric.
Every member’s issuing entity and MiCA authorization sit in the table beside its measured supply, index weight, and score. Membership is set by the authorization in the ESMA register; the score reports how each issuer measures against the rubric once inside it.
| Instrument | Issuer | HQ | Basis | Weight | Score | Tier | Supply (USD)▼ |
|---|---|---|---|---|---|---|---|
| EURC | Circle | France | MiCA EMT | 91.7% | 85 | Verified Capital | $491.05M |
| EURe | Monerium | Iceland | MiCA EMT | 5.9% | 67.8 | Developing | $31.57M |
| EUROP | Schuman Financial | France | MiCA EMT | 2.4% | 71 | Institutional-grade | $12.71M |
| EUROe | Membrane Finance | FI | MiCA EMT · Redemption-only | 0.0% | 54.8 | Limited | $64.88K |
4 constituents · 4 of 4 scored · supply-weighted · EUR-pegged supplies USD-converted at the daily EUR/USD rate · methodology v1.0-eu-regulated-stablecoin · Oct 16, 2026
Also tracked in this regime, not in today’s index (no publishable rating yet, so not counted): EURCV, EURI, EURAU, EURW.
The $535.40M spans 8 chains, measured natively on each.
Each member’s supply is read from every chain it mints on — native issuance only, so bridged copies never double-count. Euro-denominated supplies are converted to US dollars at the daily EUR/USD rate. The composition below is the onchain footprint behind the headline number.
$549.45M
5 chains
$31.07M
5 chains
$12.71M
3 chains
$64.88K
2 chains
A MiCA authorization decides membership.
Three facts set what this index measures: who is in, how much of the euro market it captures, and what it leaves out.
Membership requires a MiCA authorization.
A euro stablecoin enters this index when its issuer holds a MiCA Title III e-money-token authorization, recorded in the public ESMA register. Eight clear that bar today: EURC (Circle), EURCV (Societe Generale-Forge), EURI (Banking Circle), EURe (Monerium), EUROP (Schuman), EURAU (AllUnity), EURW (Newrails), and EUROe (Membrane). The authorization admits a coin to the index; it does not set the coin's score.
The authorized set is nearly the whole euro market we track.
Under MiCA (Regulation (EU) 2023/1114), the rules for e-money tokens have applied since 30 June 2024 (Article 149(3)): only an issuer authorized as a credit institution or an e-money institution may offer a euro stablecoin to the public or seek its admission to trading in the EU (Article 48(1)). The transitional period that can run to 1 July 2026 applies to crypto-asset service providers (Article 143(3)), not to e-money-token issuers. Among the euro stablecoins we track, the only one outside this authorized set is a small fraction of tracked supply, so measuring the regulated set here measures almost all of the euro-stablecoin market we cover.
Four equal-weight dimensions, scored from onchain evidence.
Each member earns up to 25 points on each dimension, independent of issuer self-reporting. The band a member lands in follows directly from the total.
The four dimensions
Composition and chain-verifiability of what backs supply. Cash + T-bills with onchain-readable composition scores highest; synthetic crypto-collateral scores lower.
Genuine ability to exit — issuer direct redemption and DEX onchain depth at 1% slippage. A joint-path bonus applies when both paths exist.
Top-10 holder share post-exclusion of known exchange and protocol addresses. Lower concentration scores higher.
Attestation freshness, disclosure consistency over trailing 180 days, and regulatory standing. Voluntary-attestation cap applies at 19.
The rubric is published, versioned, and reproducible.
The four dimensions, the equal 25-point weights, the institutional-grade band at 70, and the exclusion rules are the OCB stablecoin rubric. The index aggregates each member’s supply-weighted score into a daily 0–100 level. Any analyst applying the same rubric to the same onchain evidence should arrive at the same number; methodology changes are version-bumped and logged publicly.
The evidence is onchain
Scores come from the chain, not the issuer.
- OCB reads supply, holders, and transfers directly from public blockchains. The score does not rely on the issuer's own marketing or self-reporting.
- Each coin is scored on Reserve Quality, Redemption Depth, Holder Concentration, and Transparency — four equal-weight 25-point dimensions, the same rubric applied to every stablecoin OCB covers.
Authorization and quality are separate