EURC vs EURS vs EURCV: Which Euro Stablecoin is Best?

The Euro stablecoin market has matured significantly, with three major tokens now competing for dominance: EURC by Circle, EURS by Stasis, and EURCV by Société Générale's SG Forge. Each offers unique advantages in liquidity, regulation, and DeFi availability.

This comparison helps you choose the right EUR stablecoin for your needs.

The Three Contenders at a Glance

EURC — The DeFi Market Leader

• Issuer: Circle (the company behind USDC)
• Launched: 2022
• Regulation: Fully MiCA compliant, EU e-money institution license (Ireland)
• Reserve model: 100% fiat reserves, audited monthly by Grant Thornton
• Available on: Ethereum, Base, Avalanche, Solana
• Best for: DeFi users, multi-chain users, yield seekers

EURC represents over 60% of EUR stablecoin TVL in DeFi as of 2026 — making it the clear leader for on-chain Euro exposure.

EURS — The European Pioneer

• Issuer: Stasis (Malta)
• Launched: 2018
• Regulation: Malta e-money license, operating under MiCA transitional provisions
• Reserve model: Audited fiat reserves, quarterly attestations
• Available on: Ethereum, Polygon
• Best for: Users who prefer a European issuer with a long track record

EURS has been running since 2018, maintaining its peg through the 2022 crypto winter and multiple market crises. That 8-year track record is unmatched among EUR stablecoins.

EURCV — The Bank-Backed Newcomer

• Issuer: SG Forge, a subsidiary of Société Générale
• Launched: 2023
• Regulation: French AMF license, structured as a security token
• Reserve model: Bank-held reserves backed by a G-SIB with €1.5 trillion in assets
• Available on: Ethereum
• Best for: Institutions, corporate treasuries, compliance-heavy use cases

EURCV stands apart because it's issued by one of Europe's largest banks. For institutional users who need traditional finance credibility, this matters.

DeFi Availability

This is where the three diverge the most.

EURC has the broadest DeFi support by a wide margin. You can use it on Aave V3 across multiple chains, in numerous Morpho vaults (with APYs reaching 5%+), on Curve, Uniswap, Summer.fi, and YO Finance. If you want to earn yield or provide liquidity, EURC gives you the most options.

EURS has a more limited DeFi footprint. It's primarily available on Curve Finance liquidity pools and select lending protocols on Ethereum. For active DeFi users, this can be a constraint.

EURCV is growing quickly in DeFi but started later. It's now available on Aave V3 (Ethereum) and Curve, with some Morpho vault integration. Access is more restricted than EURC or EURS, but it's expanding.

Compare live yields across all EUR stablecoins →

How They Compare on Regulation

All three are regulated, but the frameworks differ:

EURC is fully MiCA-compliant — Circle was among the first issuers to receive authorization under the EU's new crypto regulation. This means mandatory 1:1 reserve backing, segregated reserves in EU banks, redemption rights, and monthly third-party attestations.

EURS operates under Malta's e-money framework and is transitioning to full MiCA compliance. Stasis publishes quarterly audits and maintains fiat reserves, aligning with MiCA requirements even during the transition period.

EURCV takes a different approach entirely. As a security token licensed by the French AMF, it inherits Société Générale's bank-grade regulatory framework. For institutions already operating within traditional finance compliance requirements, this structure can be easier to work with.

For most DeFi users, EURC's MiCA compliance offers the clearest regulatory protection. For institutions, EURCV's bank-issued status provides unique compliance advantages.

Yield Opportunities

Earning yield is one of the main reasons people hold EUR stablecoins in DeFi. Here's how the landscape breaks down:

EURC offers the most yield options. Morpho's Gauntlet vault delivers around 5.33% APY on Ethereum. Aave V3 provides steadier returns around 2% on Ethereum and 1.4% on Base. Summer.fi, YO Finance, and Fluid round out the options with rates ranging from 1-4% APY.

EURS has fewer yield opportunities due to limited DeFi integration. You can provide liquidity in Curve pools, but dedicated lending markets are scarce.

EURCV is gaining ground with Aave V3 integration on Ethereum, but vault and aggregator options remain limited compared to EURC.

See current APY rates across all protocols →

Which Should You Choose?

Choose EURC if you want maximum DeFi options. More protocols, more chains, more yield opportunities, and the strongest regulatory clarity under MiCA. If you're actively using DeFi to earn yield or trade, EURC is the practical choice.

Choose EURS if you value a European-based issuer and a proven track record above all else. Stasis has been running for 8 years from Malta, and EURS offers straightforward EUR bank withdrawals. If you plan to hold and occasionally off-ramp rather than actively DeFi, EURS serves well.

Choose EURCV if you need institutional-grade credibility. Having a major European bank behind your stablecoin matters for corporate treasuries, B2B settlements, and compliance-heavy environments where "issued by Société Générale" carries weight.

Diversification Strategy

Many sophisticated users hold more than one EUR stablecoin to reduce single-issuer risk. A common approach:

• DeFi-focused users might hold 70% EURC for yield access, 20% EURS for diversification, and 10% EURCV for bank-backed safety
• Conservative users might split 50/50 between EURC and EURS
• Institutional users might lead with 50% EURCV, complemented by 40% EURC for DeFi access and 10% EURS

The right mix depends on your priorities — but spreading across issuers is always prudent.

Key Takeaways

1. EURC leads in DeFi integration, multi-chain support, and MiCA compliance — it's the best choice for active DeFi users
2. EURS offers the longest track record at 8 years and strong European roots — ideal for holders who value stability and heritage
3. EURCV provides unique bank-issued credibility from Société Générale — the go-to for institutional and corporate use
4. All three are legitimate, regulated EUR stablecoins with audited reserves
5. Diversifying across issuers reduces counterparty risk

Compare EUR stablecoin yields → · View market statistics →

Frequently Asked Questions

Which EUR stablecoin has the best yields?

EURC currently offers the most yield opportunities due to its broad DeFi integration, with rates up to 5%+ on Morpho vaults. Compare live rates →

Can I swap between EURC, EURS, and EURCV?

Yes. You can swap between them on decentralized exchanges like Curve or Uniswap. Liquidity varies by pair — EURC pairs tend to have the deepest liquidity.

Which is the safest?

All three are regulated and audited. EURCV has bank backing from a G-SIB, EURC has full MiCA compliance with monthly audits, and EURS has the longest uninterrupted operating history. "Safest" depends on what risk you're most concerned about.

Is EURCV available to retail users?

Access is more restricted than EURC or EURS, but availability is expanding as SG Forge broadens distribution.

Which chains support all three?

Ethereum is the only chain where all three are available. EURC additionally supports Base, Avalanche, and Solana. EURS is also on Polygon.

Last updated: February 2026 · Compare EUR stablecoin yields → · View market statistics →