Eurite

The white paper set 9 July 2024 as initial issuance, with 5 million EURI planned and no maximum for later demand-based issuance. Banking Circle announced the public launch on 26 August; Binance opened EUR/EURI and EURI/USDT trading on 28 August. The first issue and open market trading were separate stages, fifty days apart.

This was Banking Circle's first e-money token. Its proposed use was an extension of the bank's institutional payment rails into 24/7 settlement, not a new governance network.

Subscription cash forms Fiduciary Estate I under Luxembourg's 2003 Act. Tokenholders rank equally and have a pro-rata claim on that estate. The terms call EURI a limited-recourse fiduciary obligation, not personal debt of Banking Circle; in liquidation, estate assets are meant to remain outside the bank's own estate.

That protection has edges. Other creditors whose claims arise from the fiduciary estate rank after tokenholders, and EURI is not covered by EU deposit-guarantee or investor-compensation schemes. No interest is passed to holders, even if the fiduciary earns interest on the cash.

The contract can also change. Banking Circle may make formal, technical or legally required edits without consent. Other amendments use notice and are deemed approved if at least 50% of tokenholders do not object in writing within two months; an objector may exit by a no-extra-cost redemption request. A replacement MiCA-authorised issuer can take over without further consent if safeguarding assets and obligations transfer, even if that replacement is not a fiduciary under the 2003 Act.

A holder may request one euro per EURI without an issuer redemption fee. The terms place payment five business days after Banking Circle receives the request, subject to satisfactory KYC and receipt of the tokens in its burn wallet. They do not start a new five-day clock after both conditions are met.

If KYC is incomplete five business days after the initial request, Banking Circle may suspend redemption. If it remains incomplete 15 days after suspension, the bank may terminate that redemption right and treat the matching fiduciary assets as dormant funds, including transfer to Luxembourg’s Caisse des consignations where appropriate.

The same KYC clause separately permits Banking Circle to recognise the appropriate unredeemed amount as deferred revenue, or “breakage,” only after the stated ten-year condition. That long-stop accounting rule is distinct from the 15-day termination and dormant-fund route.

Banking Circle may also call all or part of EURI for redemption after any of eight events: illegality, force majeure, obligations it considers unreasonably burdensome, higher costs after a legal change, loss or restriction of exchange trading, its own decision to close the estate, failed KYC or failure to deliver tokens to the burn wallet. Separate automatic redemption applies when specified proceedings against Banking Circle or an Exchange Platform remain unstayed for 30 business days.

In an 8 April 2025 ECON statement, ESMA executive director Natasha Cazenave said Binance had removed nine stablecoins for EEA users while MiCA-compliant EURI and USDC would remain available. The statement does not date Binance’s removals.

This is a concrete distribution consequence of regulation, not proof of universal safety. Venue eligibility, token redemption and bank insolvency treatment remain separate questions.

Ethereum and BNB Chain use the same proxy address but maintain separate storage. On 5 September 2026 both were unpaused, used implementation 0x039a26c8239d6d0c8d8fbdc6e60a6cc465d6712d and named the same token owner and ProxyAdmin.

The implementation gives the token owner mint, freeze, pause, trusted-forwarder and burner-setting powers. On Ethereum that owner was an EIP-7702 account delegated to UniversalGaslessDelegate; on BNB it was a plain EOA. The ProxyAdmin owner was a plain EOA on both. PeckShield’s 2024 note that the team used a multisig does not verify the present authorization policy or signer threshold.

Eurite’s site says EY periodically attests Banking Circle and EURI to ensure 1:1 backing. Yet the public page still showed “XXXXXXX” and “As of XX July, 2024” and linked no current EURI-specific report on 5 September 2026.

The white paper and terms establish how reserve assets should be segregated; they do not state the estate’s current balance. Ethereum and BNB totalSupply measure tokens minted on each chain, not euros and low-risk cash equivalents held in the fiduciary estate.