Parallel (PAR) is a crypto-backed euro stablecoin. It has about $1.4M in circulation, ranking #205 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
PAR price
€1.0015
On peg Circulating supply
$1.4M
30-day change
-0.9%
Price
€1.0015
Blockchains
2
Tracked since
Dec 2020
What is PAR?
Parallel (PAR) is a crypto-backed euro stablecoin. It has about $1.4M in circulation, ranking #205 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
In the issuer's words: The PAR token is a price-stable token pegged to the Euro. Users generate PAR by depositing collateral assets into MIMO vaults within the MIMO protocol.
PAR supply history
$1.3M$1.1M
Oct 8, 2025Oct 8, 2026
$20.3M$0
Dec 31, 2020Oct 8, 2026
PAR supply fell 0.9% over the past 30 days, to $1.4M. Its peak was $23.6M in May 2021, and supply is 94% below that high.
Is PAR holding its peg?
Last price
€1.0015
Target
1.0000 EUR
Status
On pegPAR is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where PAR lives: supply by blockchain
Supply is concentrated: Ethereum holds 86% of all PAR. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How PAR is backed
PAR 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: Using the MIMO app, users mint PAR by depositing an accepted collateral asset into a vault. When the loan is repaid to retrieve the collateral, the paid back PAR is burned.
PAR risks
Collateral and liquidations
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Smart contracts and oracles
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
Small and thinly traded
With $1.4M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Bridged versions
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Regulation
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
PAR vs USDT and USDC
Similar crypto-backed stablecoins
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PAR in the news
Aave weighs tokenized equities and syrupUSDC risk controls
Fed lays out stablecoin application path for insured state member banks
Buterin maps Ethereum’s shift to a cryptographic world computer
PAR FAQ
What is PAR?
Parallel (PAR) is a crypto-backed euro stablecoin. It has about $1.4M in circulation, ranking #205 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
Is PAR pegged 1:1 to the euro?
PAR targets 1 EUR. At the last update it traded at €1.0015, a deviation of +0.15%, which we classify as "on peg".
What backs PAR?
PAR is a crypto-backed stablecoin. PAR 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 PAR on?
PAR is live on 2 blockchains. The largest by supply are Ethereum ($1.0M), Polygon ($168K).
How much PAR is in circulation?
About $1.4M of PAR was in circulation at the last update, -0.9% over 30 days. That makes it the #205 stablecoin by supply among those we track.
Is PAR safe?
No stablecoin is risk-free. As a crypto-backed design, PAR'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.