Why reserve reporting matters

A euro stablecoin’s usefulness rests on one claim: that each token in circulation can be redeemed at par from the issuer for an equivalent amount of euros. Reserve reporting is how that claim is made public and checked. When the disclosure is detailed and regular, holders, regulators and downstream venues can reason about counterparty exposure. When it is sparse or out of date, every downstream use - from CEX listings to lending markets - inherits that uncertainty.

On this site, reserves are not summarised numerically anywhere, because the figures change between disclosure cycles and the authoritative number always lives at the issuer. This article is a reading guide for finding the underlying disclosures and interpreting them.

What reserve reports usually show

A useful reserve report typically discloses some or all of the following. Not every issuer publishes every line item.

Composition - the asset classes backing the stablecoin (cash deposits at named banks, government securities, money-market fund units, repos, etc.).
Counterparties - the named institutions where those assets sit (custodian banks, fund administrators).
Tenor and liquidity profile - how quickly the assets can be converted to cash.
Reserve value - a euro figure as of the reporting date, alongside the circulating-token figure for comparison.
Reporting cadence and as-of date - monthly, quarterly, or otherwise; the cut-off date matters more than the publication date.
Auditor / attestor - the firm signing the attestation, and the standard used (e.g. ISAE 3000 / 3402, AT-C 205).
Scope and limitations - what was tested and what was not. Attestations are usually narrower in scope than a full audit; the report itself defines the boundary.

Reserve reports differ from full financial-statement audits. Attestations cover a specified set of assertions at a point in time; an audit is a broader opinion on a set of financial statements. Both are useful; they answer different questions.

Issuer transparency pages and attestations

The first place to look for any euro stablecoin’s reserve posture is the issuer’s own transparency page. Below are the public entry points for issuers tracked on this site. Each link is to the issuer site - follow it for the live, authoritative disclosure.

Circle (EURC) - transparency hub at circle.com/transparency publishes monthly reserve attestations covering USDC and EURC together.
Schuman Financial / Salvus (EURØP) - issuer site at schuman.io, with KPMG attestations referenced from EURØP public communications. Salvus SAS is the issuing entity. See the EURØP reference page for the latest news-card pointers to attestations.
STASIS (EURS) - stasis.net publishes periodic transparency information for EURS. EURS uses a pre-mint pattern, so the on-chain total supply differs from the circulating figure; the issuer’s transparency page is the canonical source for the difference.
Monerium (EURe) - monerium.com publishes documentation for EURe. Monerium is an authorised e-money institution, so reserve handling follows e-money rules (segregation of client funds at credit institutions).
SG-FORGE (EURCV) - sgforge.com for issuer materials. EURCV is issued by the Société Générale-FORGE entity; reserve handling follows the parent group’s regulatory framework.
Banking Circle (EURI) - bankingcircle.com for issuer materials. EURI is issued under Banking Circle’s EMI authorisation; reserve handling reflects EMI rules.
Other tracked issuers - the per-coin reference pages on this site link directly to the issuer site for each remaining EUR stablecoin (Quantoz EURQ, Anchored Coins AEUR, Angle EURA, AllUnity EURAU, Heuro HEURO, dEURO and any others added later). See the directory.

Where an issuer page links to a third-party attestation PDF, treat the PDF as the source of record. The transparency page is the navigation surface; the attestation is the artefact.

Regulator and MiCA context

Under MiCA, a euro stablecoin issued in the EU is normally an electronic money token (EMT) when it references a single fiat currency. The EMT regime sets reserve and disclosure obligations that apply on top of the issuer’s own commercial transparency choices.

EUR-Lex - Regulation (EU) 2023/1114 (MiCA, consolidated text) is the primary legal source. EMT-specific articles cover reserve composition, segregation, custody, and white-paper disclosure.
ESMA - ESMA’s MiCA hub publishes the registers and Q&A. The Article 109(2) register lists EMT white papers that have been notified to ESMA.
EBA - EBA MiCA pages cover technical standards on reserve composition, prudential treatment of issuers and consumer-protection rules.
ECB - ECB digital-euro pages for context on the public-money side of the euro stack and how it relates to private EMTs.
National competent authorities (NCAs) - authorisation and ongoing supervision happen at member-state level. Where an EUR stablecoin issuer is supervised by a specific NCA (for example AMF / ACPR in France, BaFin in Germany, Iceland’s FME for Monerium), the NCA’s register is the authoritative public source for the licence.

Read the regulator pages directly; secondary write-ups paraphrase and frequently miss the article-level detail that matters for reserve treatment.

How reserve disclosures differ from live market data

Reserve reports and on-chain market data answer different questions. Confusing them is the most common error in stablecoin coverage.

Reserve reports are point-in-time and lag. A monthly attestation describes the state of the reserve at a cut-off date that is usually weeks before publication. The attestation does not say anything about what happened after the cut-off.
On-chain supply is real-time but commercial. Total supply on a chain explorer is the current minted figure; it tells you nothing about backing.
Circulating supply needs reconciliation. Some issuers pre-mint into treasury wallets. Total supply overstates the figure that is in third-party hands. Reconciliation requires subtracting labelled treasury wallets; on this site that subtraction is documented on /data-coverage and applied where a public treasury label exists.
Peg deviation is a market signal, not a backing signal. A small CEX peg deviation says something about exchange liquidity; it says nothing about whether the issuer is solvent. The two only correlate during a stress event.
DeFi pool TVL has no relationship to reserves. A pool’s TVL is the deposited value of two tokens; it does not validate the issuer’s reserve at all.

The right way to use both is to read the reserve report for the backing posture and use on-chain / market data for the live activity, never as a substitute. /markets and the per-coin pages on this site keep the two separate by design.

Examples from tracked EUR stablecoins

A few short examples from the EUR stablecoins tracked on this site, to illustrate how the same questions land on different shapes of disclosure. None of these is a recommendation; they are reading examples.

EURC (Circle) - monthly attestations published alongside USDC at circle.com/transparency. On-chain supply is verifiable on Ethereum, Base, Avalanche, World Chain, Solana and Stellar. The attestation cadence is consistent enough that drift between disclosures is a useful signal in itself. See also the EURC reference page.
EURØP (Schuman / Salvus) - KPMG attestation referenced from public Schuman / EURØP communications; Salvus SAS is the EMT-issuing entity. The EURØP reference page tracks both issuer and reserve sources, including the news-card pointer to the most recent attestation (e.g. the Q1 2026 attestation referenced in /news).
EURS (STASIS) - one of the older issuers; transparency information is published at stasis.net. Reconciliation requires the labelled Stasis treasury wallet on Ethereum to convert total supply to circulating; this is the standard pre-mint pattern documented on /data-coverage.
EURe (Monerium) - e-money under EMI authorisation; client funds are segregated under the EMI rules rather than published as a stablecoin-style attestation in every jurisdiction. The Monerium documentation at monerium.com is the entry point. EMI segregation is a regulator-defined obligation; EMT-style attestations are an additional surface where present.
EURCV (SG-FORGE) - issued by the Société Générale-FORGE entity. The sgforge.com site is the entry point for issuer documentation; reserve posture follows the parent banking group’s framework rather than a stand-alone fund-style attestation.
EURI (Banking Circle) - bankingcircle.com for issuer materials. Banking Circle is an EMI; reserve handling reflects EMI rules. Public reserve disclosure cadence for EURI specifically is sparser than the larger issuers; if a disclosure cannot be located on the issuer site, it is not cited on this site as a market-data observed fact.
EURA (Angle) - now in an orderly wind-down (AIP-112), redeemable 1:1 for EURC until 1 March 2027. EURA is hybrid- backed; the wind-down route routes redemptions through EURC rather than to EURA’s own backing assets.

Data limitations and caveats

A short list of caveats worth carrying around when reading any EUR stablecoin reserve information.

Cut-off date vs publication date. A disclosure dated last week could describe a reserve as of two months ago. Always read the cut-off, not the publication date.
Attestation scope vs audit scope. An attestation is narrower than an audit. The report itself defines what was tested. Do not extrapolate beyond the stated scope.
Issuer site vs third-party paraphrase. When in doubt, the artefact on the issuer site (or the third-party attestor’s site) is the source of record. Secondary paraphrases routinely lose qualifiers.
EMI vs EMT framing. A few EUR stablecoins are issued by EMIs that publish under the e-money rulebook rather than as a stand-alone EMT attestation. Both regimes require client-fund segregation; the public surface looks different.
Sunset issuers. Reserve disclosure for issuers in wind-down (e.g. EURA, AEUR) trails off as redemption progresses. Read the wind-down notice for the redemption route rather than the most recent reserve report.
Source-class discipline. On this site, reserve information is treated as either regulator-sourced-fact, issuer-document-fact, or issuer-disclosed-commercial-claim depending on where the assertion lives. The classification matters when you cite a number; see /about#source-classes.
No safety judgment. Nothing on this site grades the safety of any reserve. Source links exist for the reader to do their own due diligence.

Practical checklist for researchers

Identify the issuer’s legal entity and its supervising regulator (NCA).
Open the issuer’s transparency page and find the most recent reserve report.
Check the cut-off date, not the publication date.
Verify the attestor name and the standard cited (e.g. ISAE 3000, AT-C 205).
Compare the reserve total to the circulating-token figure from on-chain (after subtracting any labelled treasury wallets).
For MiCA-side context, consult ESMA / EBA / EUR-Lex rather than secondary write-ups.
Keep reserve disclosures and live market data in separate mental buckets.
Where a disclosure is missing, say so. Do not infer numbers that the issuer has not published.

This article is informational. It is not legal, financial, or investment advice. Where third-party numbers are cited, follow the source link for the authoritative figure. Published 15 May 2026.

How Euro Stablecoin Reserves Are Reported