ENUSD vs EURC: two MiCA-regulated stablecoins compared.
ENUSD
Fiat Republic Netherlands B.V. · USD peg · DNB
score pending verification
Footprint · context only · weight 0
EURC
Circle Internet Financial Europe SAS · EUR peg · ACPR
93 / 100composite
Footprint · context only · weight 0
| Dimension | ENUSD | EURC |
|---|---|---|
| Issuer | Fiat Republic Netherlands B.V. · Netherlands | Circle Internet Financial Europe SAS · France |
| Peg | USD | EUR |
| FX risk for a euro household | EUR/USD exposure | None |
| MiCA status | EMT · Title IV | EMT · Title IV |
| Regulator | DNB | ACPR |
| Reserves summary | USD-backed EMT under the same Dutch EMI authorisation as ENEUR. | Backed by euro-denominated cash held with EU banks and short-dated European sovereign instruments, segregated from USDC reserves. |
| Note | Small float, payments-focused. | Largest euro EMT by supply; available on Ethereum, Solana, Base, Avalanche, Stellar and more via CCTP. |
| Band | Partially verified | Fully verified |
| Composite | pending | 93 / 100 |
| D1 Regulatory | — | 28/30 |
| D2 | — | 28/30 |
| D3 | — | 22/25 |
| D4 | — | 15/15 |
| Checked | 24 JUL 2026 | 24 JUL 2026 |
Checked 24 JUL 2026 against the ESMA register and issuer attestations.
Our read
EagleNet USD is a USD-pegged MiCA e-money token from Fiat Republic Netherlands B.V. (band 3); Euro Coin is a EUR-pegged MiCA e-money token from Circle Internet Financial Europe SAS (band 1).
Where to go next
Related
Stablecoin profileENUSD · EagleNet USDFiat Republic Netherlands B.V. — the full verification profile.Stablecoin profileEURC · Euro CoinCircle Internet Financial Europe SAS — the full verification profile.LearnWhat “MiCA-compliant” means for your walletRedemption rights, reserves, and why the EMT label above matters.