Electronic USD (EUSD) is a crypto-backed US dollar stablecoin. It has about $23.2M in circulation, ranking #102 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is EUSD?
Electronic USD (EUSD) is a crypto-backed US dollar stablecoin. It has about $23.2M in circulation, ranking #102 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: The eUSD RToken is a fully collateralized US-dollar stablecoin built on the Reserve Protocol.
EUSD supply history
EUSD supply grew 1.8% over the past 30 days, to $23.2M. Its peak was $29.8M in January 2026, and supply is 22% below that high.
Is EUSD holding its peg?
EUSD is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where EUSD lives: supply by blockchain
Supply is concentrated: Ethereum holds 100% of all EUSD. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How EUSD is backed
EUSD is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Minting and redemption: Minting requires a deposit of the defined collateral tokens in equal value amounts to the RToken smart contracts.
Reserve reports and audits: reserve.org
EUSD risks
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
With $23.2M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
EUSD vs USDT and USDC
Similar crypto-backed stablecoins
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EUSD FAQ
What is EUSD?
Electronic USD (EUSD) is a crypto-backed US dollar stablecoin. It has about $23.2M in circulation, ranking #102 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is EUSD pegged 1:1 to the US dollar?
EUSD targets 1 USD. At the last update it traded at $0.9962, a deviation of -0.38%, which we classify as "on peg".
What backs EUSD?
EUSD is a crypto-backed stablecoin. EUSD is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Which blockchains is EUSD on?
EUSD is live on 1 blockchain. The largest by supply are Ethereum ($23.3M).
How much EUSD is in circulation?
About $23.2M of EUSD was in circulation at the last update, +1.8% over 30 days. That makes it the #102 stablecoin by supply among those we track.
Is EUSD safe?
No stablecoin is risk-free. As a crypto-backed design, EUSD's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. Its supply is small, so liquidity can be thin. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.