--- title: "Stablecoins on Solana: USDC, EURC, PYUSD and what MiCA requires" url: "https://www.unknowngravity.com/en/articulos/stablecoins-on-solana-usdc-eurc-pyusd" site: Unknown Gravity published: "2026-10-16T15:25:46+00:00" modified: "2026-10-16T15:25:47+00:00" language: en description: "Which stablecoins run on Solana, who issues them, which issuers are in ESMA's MiCA register and what MiCA requires to offer or use them in the EU." section: "Home > Blog > Stablecoins on Solana: USDC, EURC, PYUSD and what MiCA requires" --- # Stablecoins on Solana: USDC, EURC, PYUSD and what MiCA requires **Solana carries both dollar and euro stablecoins: Circle's USDC and EURC, PYUSD, USDG, USDT, EURCV, EURAU, EURØP, HEURO and EUB, among others.** To offer them in the EU, MiCA requires the issuer to be a credit institution or an e-money institution that has notified its white paper. ESMA's register shows who has done so. ## Which stablecoins are on Solana and who issues them According to [rwa.xyz](https://app.rwa.xyz/networks/solana), stablecoins on Solana totaled USD 15.02 billion as of October 16, 2026. For a European business, the useful question is not which one is largest, but who issues it and whether that issuer is in the MiCA register. We cross-checked three sources: ESMA's interim register of e-money token issuers (file updated October 7, 2026 and checked on October 16), each issuer's white paper and its announcements. Under MiCA, a stablecoin pegged to a single official currency is an [e-money token (EMT)](/en/glosario/emt-token-dinero-electronico) (Art. 3(1)(7)). Dollar stablecoins on Solana: | Stablecoin | Issuer | Issuer in ESMA's register? | Evidence it is on Solana | | --- | --- | --- | --- | | USDC | Circle; in the EU, Circle Internet Financial Europe SAS (e-money institution, ACPR, France) | Yes | The [USDC MiCA white paper](https://www.circle.com/fr/legal/mica-usdc-whitepaper) lists Solana with its digital token identifier (DTI) | | USDG | Paxos; in the EU, Paxos Issuance Europe Oy (e-money institution, FIN-FSA, Finland) | Yes | The [USDG EU white paper](https://www.paxos.com/terms-and-conditions/usdg-eu-whitepaper) says Paxos already issues it on Solana using Token-2022 | | USDAU | AllUnity GmbH (e-money institution, BaFin, Germany) | Yes | Its white paper describes it as an SPL Token-2022 on Solana | | USB | Bison Bank (credit institution, Banco de Portugal) | Yes | Its white paper (Mar 12, 2026) says it is issued on Solana | | PYUSD | Paxos Trust Company, for PayPal (US) | No | [PayPal announcement](https://newsroom.paypal-corp.com/2024-05-29-PayPal-USD-Stablecoin-Now-Available-on-Solana-Blockchain,-Providing-Faster,-Cheaper-Transactions-for-Consumers): on Solana since May 29, 2024 | | USDPT | Anchorage Digital Bank, for Western Union (US) | No | [Western Union announcement](https://ir.westernunion.com/news/archived-press-releases/press-release-details/2026/Western-Union-Launches-USDPT-on-Solana-Advancing-Regulated-Digital-Infrastructure-for-Global-Payments/default.aspx): launched May 4, 2026 | | SoFiUSD | SoFi Bank, N.A. (US) | No | [SoFi announcement](https://s27.q4cdn.com/749715820/files/doc_news/SoFiUSD-Becomes-the-First-Stablecoin-Issued-by-a-US-National-Bank-to-Launch-on-a-Banking-Platform-2026.pdf): on Ethereum and Solana (May 27, 2026) | | USDT | Tether | No | [Tether website](https://tether.to/en/supported-protocols/): a Solana token among its supported protocols | "No" means the issuer does not appear in ESMA's EMT issuer file. It is not a verdict on the token's quality. It is what decides whether the token can be offered to the public in the EU (more on that below). ## Euro stablecoins on Solana according to ESMA's register For the euro, the cross-check returns seven tokens with a registered issuer and a Solana deployment documented by the issuer itself or by the register: | Token | Issuer and supervisor | Entity type (register) | Where Solana is stated | | --- | --- | --- | --- | | EURC | Circle Internet Financial Europe SAS · ACPR (France) | E-money institution | [White paper](https://www.circle.com/fr/legal/mica-eurc-whitepaper): EURC on 5 networks, Solana among them. On Solana since [Dec 18, 2023](https://www.circle.com/pressroom/eurc-launches-on-solana) | | EURCV | Société Générale-FORGE · ACPR (France) | E-money institution | [White paper](https://www.sgforge.com/wp-content/uploads/2025/10/EURCV-WP-Ethereum-Solana_XRPL_Stellar_2025.10.14.pdf) with a Solana address; the [product page](https://www.sgforge.com/product/coinvertible/) lists it as available | | EURAU | AllUnity GmbH · BaFin (Germany) | E-money institution | The register row includes DTI R21VFQH41, which the [v1.3 white paper](https://allunity.com/whitepapers) assigns to Solana | | EURØP | SALVUS (Schuman Financial) · ACPR (France) | E-money institution | [White paper](https://schuman.io/wp-content/uploads/EUROP-White-Paper.pdf): "Solana – Deployed" | | HEURO | HEURO SAS (OuiTrust) · ACPR (France) | E-money institution | [Issuer website](https://www.heuro.com/about), linked from the register: issued on Ethereum and Solana | | EUB | Bison Bank · Banco de Portugal | Credit institution | [White paper](https://bisonbank.com/wp-content/uploads/2026/04/Bison-Bank-EUB-White-Paper_20260312-1.pdf) (Mar 12, 2026): issued on Solana with Token-2022 and an access list | | EURR | Bridge Building S.A. · CSSF (Luxembourg) | Not stated in the file ("N/A") | The register row lists a DTI marked "(Solana)" | Three caveats: - **ESMA does not review white papers.** Its register page warns that no competent authority has reviewed or approved them. Being listed is not an endorsement. - **SG-FORGE's USDCV is also on Solana, although it is a dollar token.** Its white paper says it was deployed on Solana on July 25, 2025, and its register row includes its Solana DTI. The product page FAQ still says "soon to come": confirm availability with the issuer. - **No issuer in the register is supervised in Spain.** Home member states include France, Germany, Finland, Portugal and Luxembourg, among others. For the broader picture (what a euro stablecoin is and what Spanish banks are preparing), see [euro stablecoins and what MiCA requires](/en/articulos/euro-stablecoin-mica). ## How to check ESMA's register yourself The register changes with each update. Here is how to repeat the check: 1. Go to [ESMA's MiCA page](https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica) and note the "Last update" date. Download the [EMT issuer file](https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv). 2. Search for the issuer by its legal name, not the token brand. For example, "Circle Internet Financial Europe SAS". 3. Check the supervisor and the entity type: only a credit institution or an e-money institution qualifies. 4. Open the [white paper](/en/glosario/whitepaper-mica) linked in that row and look for Solana, in the list of networks or in the DTI code it assigns to each network. 5. Copy the mint address from the issuer's website and compare it with the token you are about to receive. A token with the same name at a different address is not the issuer's. Solana mint addresses published by each issuer (checked October 16, 2026): - USDC: `EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v` ([Circle](https://developers.circle.com/stablecoins/usdc-contract-addresses)) - EURC: `HzwqbKZw8HxMN6bF2yFZNrht3c2iXXzpKcFu7uBEDKtr` ([Circle](https://developers.circle.com/stablecoins/eurc-contract-addresses)) - EURCV: `DghpMkatCiUsofbTmid3M3kAbDTPqDwKiYHnudXeGG52` ([SG-FORGE white paper](https://www.sgforge.com/wp-content/uploads/2025/10/EURCV-WP-Ethereum-Solana_XRPL_Stellar_2025.10.14.pdf)) - PYUSD: `2b1kV6DkPAnxd5ixfnxCpjxmKwqjjaYmCZfHsFu24GXo` ([Paxos](https://docs.paxos.com/guides/stablecoin/pyusd/mainnet)) - USDG: `2u1tszSeqZ3qBWF3uNGPFc8TzMk2tdiwknnRMWGWjGWH` ([Paxos](https://docs.paxos.com/guides/stablecoin/usdg/mainnet)) - USDT: `Es9vMFrzaCERmJfrF4H2FYD4KCoNkY11McCe8BenwNYB` ([Tether](https://tether.to/en/supported-protocols/)) ## What MiCA requires to offer and use a stablecoin MiCA ([Regulation (EU) 2023/1114](https://www.boe.es/buscar/doc.php?id=DOUE-L-2023-80808)) separates three things: issuing, offering to the public and providing services. - **Issuing and offering (Art. 48(1)).** An EMT can only be offered to the public or admitted to trading in the EU by its issuer, if the issuer is authorized as a credit institution or e-money institution and has notified and published its white paper. Other persons may offer it with the issuer's written consent. - **It is e-money (Art. 48(2)).** An EMT pegged to the currency of a member state is deemed offered to the public in the Union. - **Redemption (Art. 49).** Holders can redeem at any time and at par value, with no fee. - **No interest (Art. 50).** Neither the issuer nor a service provider may pay interest for holding it. Any remuneration linked to the holding period counts as interest. - **Reserves (Art. 54).** If the issuer is an e-money institution, at least 30% of the funds received and safeguarded must sit in segregated accounts at credit institutions. The rest goes into highly liquid, low-risk instruments in the same currency. - **Services (Art. 59(1)).** Holding, exchanging or transferring crypto-assets on behalf of clients requires being an authorized [crypto-asset service provider (CASP)](/en/glosario/casp-proveedor-servicios-criptoactivos) or one of the financial entities listed in that article. What MiCA does not require is a license to use a stablecoin: it authorizes whoever provides services, not whoever pays or gets paid with it. A company that accepts USDC does not become a CASP for that reason, although it still has accounting, tax and anti-money laundering obligations. The network changes none of this. MiCA applies to the asset and its issuer; Solana is neither "authorized" nor "banned". ## How it works in Spain - **CNMV.** It is the competent authority for MiCA in Spain (Art. 251(h) of [Law 6/2023](https://www.boe.es/buscar/act.php?id=BOE-A-2023-7053)). It authorizes and supervises CASPs. The requirements are in [the CASP license in Spain](/en/articulos/casp-license-spain-mica). - **Banco de España.** The same article gives it supervision, inspection and sanctioning powers over issuers of e-money tokens and asset-referenced tokens. - **Issuing an EMT from Spain.** You need to be a credit institution or an e-money institution. As of October 7, 2026, no issuer with a Spanish supervisor appeared in ESMA's register. We cover what Spanish banks are doing in [bank stablecoins](/en/articulos/bank-stablecoins). - **Using an EMT issued in another member state.** The check is the same: an issuer registered as a credit or e-money institution, and a notified white paper. ## If you are a CASP: payment authorization from March 2, 2026 Because EMTs are e-money, transferring them can also be a payment service. On June 10, 2025, [the EBA published a No Action letter](https://www.eba.europa.eu/publications-and-media/press-releases/eba-publishes-no-action-letter-interplay-between-payment-services-directive-psd23-and-markets-crypto) on this overlap between MiCA and the Payment Services Directive (PSD2). It is not law: it is advice to national supervisors. - Transferring crypto-assets that are EMTs on behalf of clients counts as a payment service. - So does the custody and administration of EMTs that allows sending them to and receiving them from third parties. A custodial wallet in the client's name is treated as a payment account. - It advises requiring PSD2 authorization only from March 2, 2026 onwards, with a streamlined process that reuses the CASP license documentation. - It does not treat exchanging crypto-assets for funds or for other crypto-assets as a payment service. Nor a CASP intermediating the purchase of crypto-assets with EMTs. In Spain, Banco de España authorizes payment institutions (Art. 11(2) of [Royal Decree-law 19/2018](https://www.boe.es/buscar/act.php?id=BOE-A-2018-16036)). If your platform holds or transfers USDC or EURC on Solana on behalf of clients, this is the question to settle with your legal counsel. ## USDT, PYUSD and other stablecoins without a registered issuer USDT, PYUSD, USDPT and SoFiUSD run on Solana, but their issuers are not in ESMA's register of EMT issuers. Since they are pegged to an official currency, they fit the EMT definition. Without an authorized issuer that has notified a white paper, they cannot be offered to the public or admitted to trading in the EU (Art. 48(1)). ESMA went further in its [opinion of October 8, 2026](https://www.esma.europa.eu/sites/default/files/2026-10/ESMA75-113276571-1742_Opinion_on_the_provision_of_crypto_asset_services_in_relation_to_non-MiCA-compliant_asset-referenced_tokens_and_e-money_tokens.pdf): it considers that CASPs should not provide crypto-asset services on EMTs that do not comply with MiCA. The opinion is addressed to national supervisors and asks them to have any legacy exposure remediated within three months of its publication. For a business, that means choosing its settlement or treasury currency carefully if its counterparty or service provider is in the EU. ## Technical points to review on Solana - **Token program.** USDG, USDAU and EUB use Token-2022 according to their white papers. The extensions the issuer enables (freeze, pause, permanent delegate) are powers over your balance and should be disclosed in its documentation. - **Access lists.** Bison Bank's EUB uses an access list: the client requests issuance and submits its address for the bank to approve. Only Bison Bank's institutional partners can hold it: if you plan to receive EUB, your wallet has to be on that list. - **Confidentiality.** The Solana Foundation says [PYUSD and USDPT already have confidential balances configured](https://solana.com/privacy), which hide amounts but not addresses. Factor that into reconciliation and anti-money laundering checks. - **Bridges.** USDC moves across networks without a wrapped token through [Circle's CCTP](https://developers.circle.com/cctp/concepts/supported-chains-and-domains), which includes Solana. USDC wrapped by a third-party bridge is a different token, not the one Circle issues. - **Mint address.** Always compare it with the one the issuer publishes. How we approach it: on a payments, treasury or issuance project we review which tokens have a registered issuer, which Token-2022 controls each one carries and which part of the flow is a regulated service. It is part of the [Solana development](/en/blockchain/desarrollo-blockchain-solana) work we do alongside your legal counsel. To see which banks and companies already issue on the network, read [companies using Solana](/en/articulos/banks-asset-managers-using-solana); if you plan to issue your own regulated token, read [Token-2022 for regulated tokens](/en/articulos/solana-token-extensions-regulated-assets). And if you are starting from scratch, begin with what a [stablecoin](/en/glosario/stablecoin) is. ## Frequently asked questions ### What stablecoins are on Solana? In dollars, among others: USDC, USDG, PYUSD, USDPT, SoFiUSD, USDT, USDAU and USB. In euros: EURC, EURCV, EURAU, EURØP, HEURO, EUB and EURR, all with an issuer in ESMA's register as of October 7, 2026. ### Are there euro stablecoins on Solana with a MiCA-authorized issuer? Yes. EURC (Circle), EURCV (SG-FORGE), EURAU (AllUnity), EURØP (Schuman Financial), HEURO and EUB (Bison Bank) have an issuer registered as an e-money or credit institution. EURR (Bridge Building) is also listed, without an entity type. Remember that ESMA does not review white papers. ### Can I use USDT on Solana in the EU? Tether is not in ESMA's register of EMT issuers. That rules out offering it to the public or admitting it to trading in the EU, and ESMA considers that CASPs should not provide services on EMTs that do not comply with MiCA. Holding it in your own wallet is not a regulated service, but EU providers that hold or exchange crypto-assets should not provide services on it. ### Do I need a license to pay or get paid in USDC on Solana? Not to use it. MiCA requires authorization for whoever provides services on behalf of others (custody, exchange, transfer), not for whoever pays or gets paid. If you hold or transfer USDC on behalf of clients, you need to be a CASP and, according to the EBA, hold a payment authorization from March 2, 2026. ### What is the difference between USDC and EURC on Solana? The currency: USDC is pegged to the dollar and EURC to the euro. Both are issued by Circle, with Circle Internet Financial Europe SAS as the issuer in ESMA's register, and each has its own mint address on Solana. ## Sources - [ESMA: interim MiCA register](https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica) - [ESMA: EMT issuer file (EMTWP.csv)](https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv) - [Regulation (EU) 2023/1114 (MiCA), text in the BOE](https://www.boe.es/buscar/doc.php?id=DOUE-L-2023-80808) - [Law 6/2023 on Securities Markets (BOE, consolidated text)](https://www.boe.es/buscar/act.php?id=BOE-A-2023-7053) - [Royal Decree-law 19/2018 on payment services (BOE)](https://www.boe.es/buscar/act.php?id=BOE-A-2018-16036) - [EBA: No Action letter on PSD2 and MiCA (Jun 10, 2025)](https://www.eba.europa.eu/publications-and-media/press-releases/eba-publishes-no-action-letter-interplay-between-payment-services-directive-psd23-and-markets-crypto) - [ESMA: opinion on non-compliant ARTs and EMTs (Oct 8, 2026)](https://www.esma.europa.eu/sites/default/files/2026-10/ESMA75-113276571-1742_Opinion_on_the_provision_of_crypto_asset_services_in_relation_to_non-MiCA-compliant_asset-referenced_tokens_and_e-money_tokens.pdf) - [Circle: EURC MiCA white paper](https://www.circle.com/fr/legal/mica-eurc-whitepaper) - [Circle: USDC MiCA white paper](https://www.circle.com/fr/legal/mica-usdc-whitepaper) - [Société Générale-FORGE: EURCV white paper](https://www.sgforge.com/wp-content/uploads/2025/10/EURCV-WP-Ethereum-Solana_XRPL_Stellar_2025.10.14.pdf) - [AllUnity: EURAU and USDAU white papers](https://allunity.com/whitepapers) - [Schuman Financial: EURØP white paper](https://schuman.io/wp-content/uploads/EUROP-White-Paper.pdf) - [HEURO: issuer and networks](https://www.heuro.com/about) - [Bison Bank: EUB white paper](https://bisonbank.com/wp-content/uploads/2026/04/Bison-Bank-EUB-White-Paper_20260312-1.pdf) - [Paxos: USDG EU white paper](https://www.paxos.com/terms-and-conditions/usdg-eu-whitepaper) - [PayPal: PYUSD on Solana](https://newsroom.paypal-corp.com/2024-05-29-PayPal-USD-Stablecoin-Now-Available-on-Solana-Blockchain,-Providing-Faster,-Cheaper-Transactions-for-Consumers) - [Tether: supported protocols](https://tether.to/en/supported-protocols/) - [Circle: USDC contract addresses](https://developers.circle.com/stablecoins/usdc-contract-addresses) - [Paxos: PYUSD addresses](https://docs.paxos.com/guides/stablecoin/pyusd/mainnet) *Framework verified as of October 16, 2026.* Planning to accept, hold or issue stablecoins on Solana and want to know which part of the flow is regulated? [Talk to us](/en/meeting).