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STASIS Euro (EURS)

5.8/10

EURS is the most established Euro stablecoin with proper fiat backing and Maltese regulation, serving a genuine need for on-chain Euro exposure, but faces limited adoption and intense competition from MiCA-compliant newcomers.

Updated: February 16, 2026AI Model: claude-4-opusVersion 1

Overview

STASIS Euro (EURS) is a Euro-pegged stablecoin issued by STASIS, a financial technology company headquartered in Malta. Launched in 2018, EURS is one of the oldest and most established Euro stablecoins in the market. Each EURS token is backed 1:1 by Euro reserves held in accounts at European financial institutions. STASIS operates under the regulatory framework provided by Malta's Virtual Financial Assets (VFA) Act and European financial regulations.

EURS is available on Ethereum, Polygon, Arbitrum, BNB Chain, and other networks. The stablecoin serves a critical need in the crypto market: providing native Euro exposure without the need to hold USD-pegged stablecoins and bear forex risk. This is particularly relevant for European traders, businesses, and DeFi participants.

STASIS was co-founded by Gregory Klumov, who has been an active advocate for Euro stablecoin adoption and European crypto regulation. The company has built relationships with European financial institutions and regulatory bodies, positioning EURS as a compliance-first offering. The Maltese jurisdiction provides EU passporting rights, allowing STASIS to operate across the European Economic Area.

Peg Stability

EURS has generally maintained a tight peg to the Euro, though with slightly wider deviations than major USD stablecoins due to lower liquidity. The minting and redemption mechanism allows institutional participants to create and redeem EURS at a 1:1 rate with Euros, providing the fundamental arbitrage mechanism for peg maintenance. During periods of low liquidity, EURS has traded at small premiums or discounts (typically within 0.5%), which is acceptable given the token's lower market capitalization. The peg is more robust during European trading hours when banking liquidity is available for arbitrage. Cross-chain liquidity fragmentation can cause temporary peg variations between networks.

Collateralization

EURS claims 1:1 backing by Euro reserves held in European bank accounts. STASIS provides quarterly verification reports from independent accounting firms attesting to the reserve balances. The reserves are held in regulated European financial institutions, benefiting from EU banking regulations and deposit insurance frameworks. The quality of collateral is straightforward—Euros in bank accounts—with minimal credit or duration risk. However, the verification cadence (quarterly) is less frequent than ideal, and the reports are attestations rather than comprehensive audits. STASIS has been transparent about its banking relationships, which adds credibility, though the specific institutions and account details are not publicly disclosed for security reasons.

Security

EURS smart contracts implement standard ERC-20 functionality with admin controls for minting, burning, and compliance operations. The issuer retains the ability to freeze addresses for regulatory compliance (anti-money laundering requirements). Contracts have been audited and are relatively simple in design, reducing smart contract risk. The operational security depends on STASIS as a regulated Maltese entity—subject to VFA Act requirements, AML procedures, and regulatory oversight. Malta's role as an EU member state provides a recognized regulatory framework, though Maltese financial regulation has faced criticism for permissiveness. The custody arrangement with European banks provides institutional-grade fund security.

Decentralization

EURS is a fully centralized stablecoin, consistent with all fiat-backed stablecoins. STASIS controls minting, burning, and address management. Governance is corporate with no token-holder input. Reserve management decisions are made entirely by STASIS management. The centralization is a regulatory necessity—Euro stablecoins under MiCA (Markets in Crypto-Assets) regulation require licensed issuers with clear governance structures. While this limits decentralization, it provides regulatory clarity and legal recourse for users. There are no plans or mechanisms for decentralized governance of EURS.

Adoption

EURS has modest but meaningful adoption, with a market capitalization typically ranging from $100-200 million. It is the most recognized Euro stablecoin, listed on major exchanges including Bitfinex, Curve Finance, and various DeFi protocols. Curve's EURS pools are the primary DeFi venue for Euro stablecoin liquidity. Integration with European crypto businesses and payment processors provides real-world utility. However, adoption is significantly limited by the overall Euro stablecoin market being much smaller than the USD stablecoin market. Competition is intensifying with MiCA-compliant Euro stablecoins from larger issuers (Circle's EURC, Societe Generale's EURCV) entering the market with deeper resources and distribution.

Market Position

EURS is the most established Euro stablecoin in the market, with a first-mover advantage dating to 2018. However, the Euro stablecoin market is a fraction of the USD stablecoin market's size—reflecting both the dollar's dominance in crypto trading and lower European retail crypto adoption. EURS's market capitalization (typically $100-200M) is dwarfed by USDT ($100B+) and USDC ($30B+). The implementation of MiCA (Markets in Crypto-Assets) regulation in the EU is a double-edged sword: it provides regulatory clarity that could grow the Euro stablecoin market, but it also attracts well-funded competitors like Circle (EURC) and banking institutions (Societe Generale's EURCV). STASIS's ability to compete with these larger entrants will depend on regulatory licensing speed, DeFi integration depth, and partnership development.

Risk Factors

  • Limited Liquidity: Low market cap relative to USD stablecoins creates liquidity and slippage risks.
  • MiCA Competition: Well-funded competitors (Circle, banking institutions) entering Euro stablecoin space.
  • Regulatory Evolution: Changing EU regulations (MiCA implementation) may require operational adjustments.
  • Centralization: Full issuer control with no user governance or oversight mechanisms.
  • Small Issuer Risk: STASIS is a relatively small company; operational or financial difficulties could impact the stablecoin.
  • Banking Dependency: Reliance on European banking relationships; loss of banking access would be critical.
  • Cross-Chain Fragmentation: Low liquidity spread across multiple chains reduces effective depth on each.
  • Euro Macro Risk: Euro currency fluctuations affect relative value for non-European users.

Conclusion

EURS fills a genuine and underserved need in the crypto market: providing a reliable, regulated Euro stablecoin for European users and businesses. STASIS's long operating history (since 2018), Maltese regulatory framework, and transparent reserve practices establish credibility in the Euro stablecoin niche. The peg stability and collateralization are adequate for the token's scale. However, EURS faces an increasingly challenging competitive landscape as MiCA regulations encourage larger, better-resourced institutions to issue Euro stablecoins. Circle's EURC, backed by the USDC issuer's brand and distribution, is a particularly formidable competitor. EURS's future depends on whether STASIS can scale and differentiate in a market that is attracting much larger players. For current European crypto users, EURS remains a credible and functional Euro on-ramp, but the competitive moat is narrow and narrowing.

Sources

  • STASIS Official Documentation (https://stasis.net)
  • STASIS Quarterly Reserve Verification Reports
  • EURS Smart Contract Audit Documentation
  • CoinGecko EURS Market Data and Volume Analysis
  • Malta Virtual Financial Assets Act Documentation
  • EU MiCA Regulation Framework and Stablecoin Requirements
  • Curve Finance EURS Pool Analytics