EURI, issued by Banking Circle S.A., is a fiat-backed stablecoin that represents a claim referencing the Euro (EUR), with token issuance and lifecycle management operated on infrastructure supplied by a third-party digital-asset technology provider. [S1]

EURI references the Euro (EUR) and is structured for one-to-one correspondence with its reference currency. Holders receive a token whose supply is created and retired through minting against reserve deposits and burning against redemptions, executed through treasury-integrated workflows on the issuance platform. [S2] The token carries no intrinsic yield from the infrastructure provider, and any return to holders depends on terms set by the issuer rather than the platform. [S2]

EURI is operated using a tokenization platform whose provider contracts through Fireblocks Inc. for U.S. customers, located in New York City, and Fireblocks Ltd., an Israeli limited liability company with its principal place of business in Tel Aviv, Israel, for non-U.S. customers. [S3] The platform provider is not a regulated financial institution for the issuance function and is not a custodian; the issuing organization controls the cryptographic key shares under a Multi-Party Computation model, so the provider cannot move funds or authorize minting. [S4] Eligibility, the legal form of the claim, and redemption terms are set by the issuing organization. [S5]

Token creation and retirement use API-driven workflows to deploy, mint, and burn onchain assets, with minting performed against reserve deposits and burning against redemptions. [S1][S2] The platform supports issuance and transfer across Ethereum, Solana, Tron, Avalanche, Polygon, Arbitrum, Base, Optimism, BNB Chain, Stellar, and additional public networks, with stablecoin settlement over blockchain rails. [S6]

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://developers.fireblocks.com/docs/tokenization" },
    { id: "S2", url: "https://www.fireblocks.com/blog/stablecoin-issuance-infrastructure-for-banks" },
    { id: "S3", url: "https://developers.fireblocks.com/api-reference/compliance/register-a-new-legal-entity" },
    { id: "S4", url: "https://www.fireblocks.com/report/what-is-mpc" },
    { id: "S5", url: "https://www.fireblocks.com/blog/stablecoin-licensing-compliance-and-regulation-in-2025" },
    { id: "S6", url: "https://www.fireblocks.com/solutions/stablecoin-infrastructure" },
  ]}
/>


# Circulating asset market cap methodology

## 1. Overview

Circulating asset market cap measures the total value that has been tokenized onchain for a specific asset. It is calculated by multiplying the circulating supply of the asset by its end-of-day market price. For stablecoins, this metric represents the total outstanding supply; for tokenized funds, it reflects the onchain assets under management (AUM); and for tokenized stocks, it measures the total supply of shares issued onchain.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering Ethereum, Arbitrum, Base, Polygon, Optimism, and others
- **Solana instructions**: SPL token `Mint` and `Burn` instructions
- **Other blockchain data**: Issuance and redemption events from Aptos, Near, Polkadot Asset Hub, and Stellar
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Identification of supply changes

- **Purpose**: Identify all onchain events that increase or decrease the total supply of an asset
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed to identify mints (where the sender is the zero address) and burns (where the recipient is the zero address). On Solana, SPL token `Mint` and `Burn` instructions are retrieved. On other chains, such as Aptos or Polkadot Asset Hub, equivalent issuance and destruction events are identified from the respective asset programs or pallets.
- **Key fields**: `amount` (quantity of tokens), `token_address` (unique asset identifier), `timestamp` (time of the event)

### Component B: Normalization and daily supply aggregation

- **Purpose**: Convert raw event data into a continuous daily circulating supply time series
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. The daily circulating supply is determined by calculating the cumulative sum of all identified mint and burn events for each asset. For days where no onchain activity occurs, the supply value is filled with the last known value to ensure a continuous daily record.
- **Key fields**: `amount` (normalized quantity), `timestamp` (truncated to daily grain)

### Component C: Final market cap calculation

- **Purpose**: Combine supply data with market prices to determine the total USD value
- **Logic**: The daily circulating supply is multiplied by the end-of-day market price sourced from market data providers. Data is aggregated across all supported chains to provide a comprehensive view of the asset's onchain presence. The final USD conversion is applied: `amount_usd = amount × price_usd`.
- **Key fields**: `price_usd` (end-of-day market price), `amount_usd` (final circulating market cap)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Circulating asset market cap

Stablecoins

Banking Circle generates revenue from transaction fees, FX spreads, treasury and interest income on customer deposits, and stablecoin issuance and redemption flows. Its banking licence and direct access to local clearing systems allow institutional clients to settle cross-border payments without traditional correspondent banking intermediaries.

Banking Circle issues and backs the Eurite Euro Token (EURI), a MiCA-compliant Euro stablecoin fully collateralised 1:1 by euro cash held in segregated fiduciary accounts. The bank also operates a global clearing network across major currencies and offers settlement, payments, and FX infrastructure to banks, fintechs, and PSPs.

Banking Circle S.A. is a Luxembourg-licensed credit institution supervised by the CSSF, providing cross-border payments, FX, accounts, and treasury services to regulated financial institutions and global payment businesses.

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Stablecoin issuers

Banking Circle

Banking Circle Eurite Euro Token (EURI) is a euro stablecoin issued by Fireblocks through Banking Circle S.A.

Holders can mint and redeem directly with Fireblocks.

Banking Circle S.A. is incorporated in Luxembourg, is authorised under MiCA, and is supervised by the Commission de Surveillance du Secteur Financier (CSSF).

EURI has been issued on public blockchains since July 2024 and is native to BNB Chain and Ethereum.

Banking Circle Eurite Euro TokenEURI