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Deployments · platform by Stable Mint

Stable Mint USDSM and EURSM stablecoinsNew

US dollar (USDSM) and euro (EURSM) e-money tokens issued under MiCA by Stable mint Ltd, a Maltese electronic money institution supervised by the MFSA, together with business accounts and payment acquiring that connect SEPA and SWIFT transfers to the tokens. Etherlink, the Tezos layer 2, is the primary chain; USDSM also runs on Ethereum, Base and Arbitrum through LayerZero's burn-and-mint OFT bridge, and EURSM is so far only on Etherlink. Stable Mint went live in January 2026 and USDSM was listed against USDC on Kraken in August 2026. About 11.7 million USDSM and 0.27 million EURSM were on chain in October 2026; the issuer reports about $386 million of USDSM and EUR 40.6 million of EURSM settled on-chain by 1 October 2026, with reserves held at 102%.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (limited) since 15 Jan 2026[2] — Live for business clients; listed on Kraken; supply small. · Reviewed 22d ago

Assets
Stablecoin[1]
US dollar and euro e-money tokens under MiCA
Networks
Etherlink Public, permissionless[1]
Primary chain for both tokens.
Ethereum Public, permissionless[1]
USDSM only; EURSM coming.
Base Public, permissionless[1]
USDSM only; EURSM coming.
Arbitrum Public, permissionless[1]
USDSM only; EURSM coming.
Use cases
Primary issuance[5][6]Payments[1][3]
Jurisdictions
Malta, European Union

Participants

  • Stable MintPlatform provider, Issuer, Operator[1][4]Malta
  • KrakenDistributor[3]United States
  • UtilaTechnology provider[1]Israel
  • EllipticTechnology provider[1]United Kingdom
  • A dedicated institutional market maker supports the Kraken USDSM/USDC book; reserves sit with regulated European banking partners.[3]

Operates under

Assets

Moves across networks

  • viaLayerZeroEtherlink ↔ Ethereum ↔ Base ↔ Arbitrum[1]USDSM moves between Etherlink and Ethereum, Base and Arbitrum via LayerZero V2 OFT (burn-and-mint).

Metrics

  • ~$11.58mUSDSM tokens in circulation · as of 17 Oct 2026[5]
    On-chain via DefiLlama: Etherlink ~5.87m, Ethereum ~4.90m, Base ~0.41m, Arbitrum ~0.40m. Burn-and-mint OFT, so chain balances do not overlap.
  • ~$5.87mUSDSM on Etherlink · as of 17 Oct 2026 · on Etherlinkcontext[5]
    Part of the total above.
  • ~$4.9mUSDSM on Ethereum · as of 17 Oct 2026 · on Ethereumcontext[5]
    Part of the total above.
  • ~€271,107EURSM tokens in circulation · as of 17 Oct 2026 · on Etherlink[6]
    Total supply on the Etherlink explorer (29 holders).
  • ~$385.99mUSDSM settled on-chain · as of 1 Oct 2026[1]
    Issuer-reported volume of on-chain USDSM transactions since launch.
  • ~€40.63mEURSM settled on-chain · as of 1 Oct 2026[1]
    Issuer-reported volume of on-chain EURSM transactions since launch.
  • ~$18.27mSupply on chain (daily) · as of 7 Nov 2026[7]
    Automated daily reading of on-chain supply across all chains.
  • ~$4.58mSupply on chain (daily) · as of 7 Nov 2026 · on Ethereum[7]
    Automated daily reading.
  • ~$98,460Supply on chain (daily) · as of 7 Nov 2026 · on Arbitrum[7]
    Automated daily reading.
  • ~$98,104Supply on chain (daily) · as of 7 Nov 2026 · on Base[7]
    Automated daily reading.

Timeline

  1. Happened 25 Aug 2026 · Scope expansion · recorded 17 Oct 2026
    USDSM is listed on Kraken against USDC, with an institutional market maker; Stable Mint says USDSM had settled over $279 million across more than 2.3 million on-chain transactions.[3]
  2. Happened 15 Jan 2026 · Launch · recorded 17 Oct 2026
    Stable Mint goes live, issuing EURSM and USDSM and offering stablecoin payment infrastructure to European businesses.[2]
  3. Happened 8 Aug 2024 · Regulatory approval · recorded 17 Oct 2026
    Stable mint Ltd notifies its euro e-money token white paper to the MFSA (US dollar white paper follows on 27 Nov 2024).[4]

Sources

  1. [1]USDSM and EURSM: Regulated Digital Currencies | Stable Mint — Stable Mint. Accessed 17 Oct 2026. Contract addresses, chains, reserve structure, LayerZero OFT and settled volumes as of 1 Oct 2026..B
  2. [2]Stable Mint Is Live: Regulated Stablecoin Payments Infrastructure for European Businesses — Stable Mint, 15 Jan 2026. Accessed 17 Oct 2026.B
  3. [3]USDSM Lists on Kraken, Expanding Institutional Access to a Regulated Dollar Token — Stable Mint, 25 Aug 2026. Accessed 17 Oct 2026.B
  4. [4]Interim MiCA register of e-money token white papers (EMTWP.csv) — ESMA. Accessed 17 Oct 2026.A
  5. [5]Stable Mint USD stablecoin data (API) — DefiLlama, 17 Oct 2026. Accessed 17 Oct 2026.A
  6. [6]EURSM token data (API) — Etherlink explorer (Blockscout), 17 Oct 2026. Accessed 17 Oct 2026.A
  7. [7]USDSM supply by chain, read daily — DefiLlama (automated daily refresh). Accessed 7 Nov 2026.A

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