EURR, issued by StablR Ltd., is a euro-pegged stablecoin that references the Euro (EUR) at par and functions as a medium of exchange, store of value, and unit of account redeemable one-to-one for fiat against the issuer [S1][S2].

Each EURR token references the Euro (EUR) at a fixed one-to-one exchange rate, with value tracking the peg only and no yield, staking rewards, interest, NAV accrual, or rebasing passed to holders [S3][S2]. Tokens are stated to be 100 percent collateralized on a one-to-one basis with cash and cash-equivalent assets held in segregated accounts at regulated financial institutions [S4][S3][S2]. Qualified businesses may onramp and offramp fiat to and from EURR at no additional cost [S2][S5].

StablR Ltd. is a Malta-incorporated company (company number C 104007) supervised by the Malta Financial Services Authority (MFSA) and licensed to issue Electronic Money under the Third Schedule to the Financial Institutions Act (Chapter 376) [S4][S1]. Each token is an Electronic Money Token (EMT) under the EU Markets in Crypto-Assets Regulation (MiCA), Regulation (EU) 2023/1114, carrying a par redemption claim to euro [S1][S3]. Subscribers must pass KYC onboarding, be at least 18 years old, and not be Prohibited Subscribers, explicitly excluding U.S. persons and FATF high-risk jurisdictions [S1]. Reserves are segregated from the Company's own funds under SL 376.04 [S1].

EURR is issued as an ERC-20 compatible StablR Fiat Token via an upgradeable proxy and implementation architecture, deployed across Ethereum, Plasma, Concordium, and Solana [S2][S6]. Tokens are minted and redeemed through StablR's API onramp and offramp flow, settling within up to three days after funds are received [S1][S5]. Grant Thornton reviews reserve attestations quarterly under ISRE 2400 (Revised) [S7].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://www.stablr.com/terms-of-use" },
    { id: "S2", url: "https://www.stablr.com/eurr" },
    { id: "S3", url: "https://www.stablr.com/usdr" },
    { id: "S4", url: "https://stablr.com" },
    { id: "S5", url: "https://docs.stablr.com" },
    { id: "S6", url: "https://docs.stablr.com/docs/smart-contract" },
    { id: "S7", url: "https://www.stablr.com/proof-of-reserve" },
  ]}
/>


# 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

StablR issues regulated euro (EURR) and USD (USDR) stablecoins backed by 100% fiat reserves, generating revenue from interest on reserve assets and B2B infrastructure services.

StablR is a European stablecoin issuer providing MiCA-compliant EUR and USD stablecoins for institutional and retail users.

StablR was founded by Gijs Op de Weegh and is licensed under Malta's MFSA, aligned with the EU's MiCA framework.

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Stablecoin issuers

StablR

StablR Euro (EURR) is a euro stablecoin issued by StablR through StablR Ltd.

Each token is redeemable one-for-one for euros and is a direct claim on the issuer.

Issuance is paused, with redemption still open.

Reserves are held in accounts segregated from the issuer's own funds, attested quarterly by Grant Thornton.

Institutions can mint and redeem directly with StablR in EUR after completing KYC, and holders have a contractual right to redeem at par.

StablR Ltd. is incorporated in Malta, is authorised under MiCA, and is supervised by the Malta Financial Services Authority.

Holder terms are governed by the law of Malta.

EURR has been issued on Ethereum as an ERC-20 token since January 2025.

StablR EuroEURR