EUROe, issued by Membrane Finance, is a euro-pegged stablecoin recorded in this registry as a fiat-referenced digital token whose holders receive a unit intended to track the value of one underlying fiat reference currency on a one-to-one basis.

The token references the Euro (EUR) as its underlying instrument, with each unit reflecting the value of one euro. Per the issuer product record, EUROe is backed by euro reserves or collateral held against the circulating token supply, so the holder's economic exposure is to the EUR reference currency rather than to any yield-bearing instrument. The product record for this token does not establish a citable holder-borne fee schedule, reserve attestation cadence, or interest accrual mechanism on the permitted issuer domain.

The asset registry identifies Membrane Finance as the issuing entity for EUROe and classifies the product as a stablecoin backed by euro reserves or collateral. As of June 24, 2026, no primary disclosure on the issuer's permitted domain is retrievable, so this entry cannot establish the issuer's jurisdiction of formation, applicable regulator or license regime, the legal form of the tokenholder's claim, eligibility and offering restrictions, redemption rights and minimums, the named reserve custodian, the attestation provider, or any security interest or custodial arrangement protecting tokenholders. Those fields are recorded as unavailable and are not asserted in this entry.

The asset registry records EUROe as a stablecoin issued onchain that references the euro. As of June 24, 2026, no citable issuer disclosure establishes the token standard, the named blockchain networks supported, the mint and burn mechanics, settlement timing, or any reserve attestation publication mechanism, so those technical fields are recorded as unavailable rather than attributed to a source.

<Sources
  retrievedAt="2026-06-24"
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# Asset mints methodology

## 1. Overview

Asset mints is a metric that represents the total value of new assets minted onchain. Daily mint volumes are tracked across supported blockchains to quantify the issuance of tokenized assets. Gross mint events are identified from native token transfer logs and transaction-level supply changes. To ensure accuracy for assets with pre-minted supplies, corrections are applied by subtracting non-circulating allocations. The final metric is normalized by decimal precision and converted to USD using end-of-day price feeds.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token `Mint` instructions
- **Non-EVM chain events and transactions**:
 - Algorand: Asset Configuration (`acfg`) transactions and token transfers
 - Cardano: UTXO-derived mint and burn events
 - Near: Token mint events
 - Polkadot Asset Hub: `Issued` events from `assets` pallets
 - Ripple: Transaction-level issuer net flows
 - Stacks: Token transfers with null senders
 - Sui: `TreasuryCap` object total supply changes
 - Stellar: SEP-41 `sep41_mint` events

- **Asset metadata**: Token addresses and decimal precision retrieved from token metadata
- **External data**: End-of-day price feeds sourced from market data providers

## 3. Step-by-step calculation

### Component A: Gross mint extraction

- **Purpose**: Extract raw mint events across all supported blockchains
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the sender address is the zero address. On Solana, SPL token `Mint` instructions are extracted. On Algorand, withdrawals from asset configuration addresses are identified as gross mints. On Cardano, positive supply deltas are derived from transaction UTXO inputs and outputs. On Near, token mint events are extracted. On Polkadot Asset Hub, `Issued` events from `assets` pallets are parsed. On Ripple, transaction-level net flows are calculated, and positive net flows from issuer accounts are classified as mints. On Stacks, token transfers with a null sender address are extracted. On Sui, total supply changes are decoded from `TreasuryCap` objects. On Stellar, SEP-41 `sep41_mint` events are parsed.
- **Key fields**: `amount` (raw token quantity), `token_address` (asset contract or token identifier), `timestamp` (block timestamp)

### Component B: Premint correction

- **Purpose**: Adjust gross mints to exclude pre-minted tokens that do not enter active circulation
- **Logic**: For supported assets, a correction is applied to distinguish between gross mints and circulating supply changes. Mints that are sent directly to designated non-circulating premint addresses are classified as premints. Conversely, transfers from these premint addresses to circulating addresses are classified as premint issuances. Corrected mints are calculated by subtracting premints from gross mints and adding premint issuances.
- **Key fields**: `amount` (corrected token quantity), `token_address` (asset contract), `account_address` (premint address)

### Component C: Decimal normalization

- **Purpose**: Normalize raw token quantities into standard units
- **Logic**: Raw token amounts are normalized by decimal precision. Decimal precision is retrieved from token metadata for each specific asset.
- **Key fields**: `amount` (normalized token quantity), `decimals` (decimal precision)

### Component D: Final aggregation and USD conversion

- **Purpose**: Aggregate daily normalized mints and convert the values to USD
- **Logic**: Normalized daily mint amounts are aggregated by asset and blockchain. Daily USD values are calculated by multiplying the daily normalized mint amount by the end-of-day price feed for the respective asset. If no mint events occur on a given day, the daily value is filled with zero values.
- **Key fields**: `amount_usd` (daily minted value in USD), `price_usd` (end-of-day asset price)

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

Asset mints

Stablecoins

Users deposit funds into Membrane account and receive EUROe at a 1:1 rate.

Membrane Finance is a financial technology company that is the principal architect of EUROe - an EU regulated, full-reserve euro stablecoin that brings fiat euro liquidity on-chain.

Membrane Finance is a private limited liability company registered in Finland and a subsidiary of Equilibrium Group.

github

twitter

website

Stablecoin issuers

Membrane Finance

EUROe Stablecoin (EUROe) is a euro stablecoin issued by Membrane Finance through Paxos Issuance Europe Oy.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Membrane Finance in EUR after completing KYC, and holders have a contractual right to redeem at par.

Paxos Issuance Europe Oy is incorporated in Finland, is authorised under MiCA, and is supervised by the Finnish Financial Supervisory Authority.

Holder terms are governed by the law of Finland.

EUROe has been issued on public blockchains since January 2023 and is native to Ethereum, Polygon, Arbitrum One, and Solana.

EUROe StablecoinEUROe