Regulatory framework: European Union
The MiCA regulation ((EU) 2023/1114) has applied to stablecoin issuers since June 30, 2024 and to crypto-asset service providers (CASPs) since December 30, 2024. E-money tokens (EMTs) may be issued only by credit institutions and authorised e-money institutions; the EBA supervises significant tokens. National transition periods for CASPs varied in length — from June 30, 2025 in the Netherlands, Finland and Poland to July 1, 2026 in France, Luxembourg, Malta and Cyprus; July 1, 2026 was the final date for the whole EU, as ESMA recalled in a statement on April 17, 2026. By third-party counts based on the ESMA register, more than 300 CASPs had been authorised by mid-September 2026, most of them in Germany, France, Cyprus and Malta.
The practical consequence for infrastructure is a shift of liquidity to MiCA-compliant coins: Coinbase (December 2024), Crypto.com (January 2025), Kraken and Binance (March 2025) withdrew USDT for EEA clients. A review of the framework has already begun: the European Commission opened a targeted consultation on the MiCA review on May 20, 2026 and extended the deadline to September 30, 2026; on June 26, 2026 the EBA published for consultation its methodology for fines on issuers of significant tokens. Orchestration providers combine two authorisations — CASP for the crypto leg and a payment institution (PI) or EMI for the fiat leg: Fipto obtained a PI licence from the ACPR in March 2025 and CASP authorisation from the AMF in January 2026, Merge activated its EMI licence and VASP registration in France in May 2025, and Bridge (Stripe) obtained CASP and EMI authorisation from the CSSF in Luxembourg in July 2026.
Regulatory framework: United Kingdom
The UK is introducing its regime through amendments to FSMA: the Regulations 2026 (SI 2026/102), made on February 4, 2026, create regulated cryptoasset activities including the issuance of "qualifying stablecoins". Following consultation CP25/14 (May 2025), the FCA published final rules on June 30, 2026 (the PS26/9–PS26/13 series: stablecoin issuance, custody, prudential requirements); applications open on September 30, 2026 and the regime commences on October 25, 2027. The Bank of England is responsible for systemic sterling stablecoins: in its policy statement of June 22, 2026 it dropped the holding limits proposed in November 2025 (£20,000 for individuals, £10 million for businesses) in favour of a temporary issuance cap of £40 billion per systemic stablecoin and relaxed the backing requirements — at least 30% in unremunerated deposits at the Bank of England, up to 70% in short-term gilts; the Code of Practice is due to be finalised by the end of 2026.
Two events of 2026 set the international context. On July 14, 2026 the UK and the US published a joint statement on stablecoins under the Transatlantic Taskforce: 1:1 backing with high-quality liquid assets and a pathway to mutual recognition of the regimes. On August 27, 2026 HM Treasury announced a new secondary objective for the Bank of England — supporting innovation in payment systems and digital money, including stablecoins, through amendments to the Financial Services and Markets Bill.
Euro stablecoins and their issuers
| Token | Issuer | Licence and jurisdiction | Status as of September 2026 |
|---|---|---|---|
| EURC | Circle Internet Financial Europe SAS | EMI, ACPR (France) | The largest euro stablecoin: €404M in circulation on September 24, 2026; Ethereum, Solana, Base, Avalanche, Stellar, Arc |
| EURCV, USDCV | Société Générale-FORGE | EMI, ACPR (France), July 2024 | USDCV launched June 25, 2025 on Ethereum and Solana, reserves held at BNY |
| EURAU | AllUnity (DWS, Flow Traders, Galaxy) | EMI, BaFin (Germany), July 1, 2025 | Custody via Clearstream (Deutsche Börse), MoU of November 26, 2025 |
| EURe | Monerium | EMI, Iceland, since June 14, 2019, EEA passport | Accounts with IBANs and SEPA connectivity; signed issuer with Ubyx |
| EURQ, USDQ | Quantoz Payments | EMI, DNB (Netherlands) | Issued since November 18, 2024; investors Tether, Kraken, Fabric Ventures |
| EURØP | Schuman Financial (Salvus SAS) | EMI, ACPR (France) | Launched November 26, 2024 on Ethereum and Polygon; $7.36M seed (RockawayX) |
| EURR, USDR | StablR | EMI, MFSA (Malta), July 2024 | Tether equity stake since December 2024; on May 24–25, 2026 a multisig key was compromised and unbacked tokens minted, both coins depegged |
| EURXT | Crédit Agricole (via CACEIS Bank) | Credit institution (France) | Launched July 1, 2026 on Ethereum; first use case — subscription to a tokenized Amundi fund; about €20M issued |
| EURI | Banking Circle S.A. | Bank, CSSF (Luxembourg) | The first bank-issued EMT under MiCA: launched August 26, 2024 on Ethereum and BNB Smart Chain |
| Qivalis (token not yet named) | Qivalis B.V., a consortium of 37 banks | EMI application with DNB (Netherlands), not approved as of September 2026 | Founders include ING, UniCredit, CaixaBank, Danske, KBC and SEB (September 2025), BNP Paribas and BBVA joined later; issuance on public Ethereum, targeted for the second half of 2026 |
| EUROe | Paxos Issuance Europe (ex-Membrane Finance) | EMI, FIN-FSA (Finland) | Decommissioned after Paxos acquired Membrane (February 2025); redemption only |
Switzerland sits outside MiCA: in Guidance 06/2024 of July 26, 2024 FINMA requires stablecoin issuers to hold a banking or fintech licence or a bank default guarantee with identification of all holders. Zug is home to M0, a shared issuance protocol on which mUSD (MetaMask), USDN (Noble) and other application stablecoins are issued; a $40M Series B in August 2025 brought its total funding to $100M.
Providers
| Company | Type | Headquarters | Role and status as of September 2026 |
|---|---|---|---|
| BVNK | 1 | London | Owned by Mastercard since August 3, 2026 ($1.5B plus up to $300M earnout); about $30B in annualized volume, 130 markets |
| Bridge (Stripe) | 1 (also 2) | Luxembourg (EU) | CASP and EMI from the CSSF (July 2026): EU passport, euro IBANs, custom euro stablecoins under the client's brand |
| Fipto | 1 | Paris | PI from the ACPR (March 2025) and CASP from the AMF (January 2026); €15M seed; certified Kyriba integration |
| Merge (merge.money) | 1 | London | EMI licence and VASP registration in France (May 2025); Kyriba partnership (July 2026); investors Octopus Ventures, Coinbase Ventures |
| Velocity | 1 | London | Founded May 2025; $38M Series A (July 2026, Dragonfly, FirstMark), about $50M total; stablecoins for corporate treasury |
| Noah | 1 / 3 | London | $22M seed (June 2025, LocalGlobe); over $1B processed, 50 currencies; operating entity in Lithuania |
| Due | 3 | London | $7.3M seed (extension in July 2025, Speedinvest); stablecoin API for payments to 80+ markets; founder from Revolut |
| INXY Payments | 3 | Cyprus | $7M seed (Flashpoint, latest tranche April 2026); EU VASP licence; over $2B in annual volume |
| Iron | 1 | Germany | Owned by MoonPay since March 2025; MoonPay's enterprise API arm in the EU |
| Yaspa | 3 | London | FCA payment institution (2019); open banking with stablecoin payments added; $12M (July 2025) |
| OpenPayd | 7 / 3 | London | FCA EMI and Maltese licences; stablecoin product and Ripple partnership on RLUSD; over $300B in annualized volume |
| Orbital | 3 | London | Stablecoin payments for businesses via platform, API and OTC; licences in the UK, Gibraltar, Estonia and Switzerland |
| M0 | 2 | Zug | Shared issuance protocol; $100M raised (Polychain, Ribbit, Pantera, Bain Capital Crypto) |
| Kulipa | 5 | Paris | Ceased operations on July 29, 2026 citing solvency issues; about 120,000 cards, 20 wallet clients |
Banks, clearing and custody
| Initiative | Type | Status as of September 2026 |
|---|---|---|
| Fnality International | 4 | London; sterling payment system in controlled live operation since December 2023, settlement finality designation in December 2024; $136M Series C (September 2025, WisdomTree, Bank of America, Citi, KBC, Temasek, Tradeweb); extension to dollar and euro with no announced dates |
| Société Générale-FORGE | 8 | Bank issuer of the public stablecoins EURCV and USDCV; EMI since July 2024 |
| Crédit Agricole / CACEIS | 8 | EURXT since July 1, 2026 for institutional and corporate clients of CACEIS |
| Banking Circle | 8 | Luxembourg bank, EURI since August 2024; tokenization on the Fireblocks engine |
| Qivalis | 8 | Consortium of 37 banks from 15 countries (May 2026); chair Sir Howard Davies; Fireblocks as technology partner |
| Zodia Custody (Standard Chartered) | 6 | On May 18, 2026 Standard Chartered announced a buyout of minority holders (Northern Trust, SBI, NAB, Emirates NBD): regulated custody joins the bank's financing and securities services unit, the platform is spun out as Zodia Solutions under SC Ventures |
| Deutsche Börse / Clearstream | 6 | Institutional custody of EURAU via Clearstream Luxembourg with Crypto Finance as sub-custodian (MoU with AllUnity, November 2025) |
| Ubyx | 4 | Clearing of redemption at par; Monerium among signed issuers; Barclays investment (January 2026); profile in the North America map |
What to watch
- The DNB decision on the Qivalis licence and the first issuance of the consortium euro stablecoin.
- The outcome of the Commission's MiCA review consultation (after September 30, 2026) and the position on third-country issuer access.
- The first applications and FCA authorisations under the qualifying stablecoin regime (applications from September 30, 2026).
- The Bank of England's final Code of Practice for systemic sterling stablecoins by the end of 2026.
- BVNK's integration into Mastercard Move and the fate of the independent orchestration providers in London and Paris.