--- title: every currency is coming onchain canonical_url: https://ensurance.app/guide/every-currency-is-coming-onchain markdown_url: https://ensurance.app/guide/every-currency-is-coming-onchain.md subtitle: "the euro is already on base. the hong kong dollar has its licence. what is live, what is licensed, what is only announced, and how a place can be paid in euros today." category: nature-finance --- # every currency is coming onchain *the euro is already on base. the hong kong dollar has its licence. what is live, what is licensed, what is only announced, and how a place can be paid in euros today.* Picture a family foundation in Lyon that wants to pay for riparian planting along the Crystal River in western Colorado. The program officer budgets in euros. The crew that sets the willow stakes and fixes the fence is paid in dollars. Between them sits a cross-border wire, a currency conversion, a correspondent bank or two, and a stretch of days when the money belongs to nobody who can use it. The river does not wait for the wire. It keeps shading the water, holding its banks and feeding the valley whether or not anyone pays it, and the people who look after it are usually paid last and late. The money people trust most, dollars and euros issued by regulated companies and banks, now moves on public ledgers at any hour. On **ensurance**, the place gets an account that can receive that money directly and keep routing it to the work. The money is not the place, and the account is not the place. Is this crypto? It is a public ledger, and a regulated company that issues the currency on it. That is the whole answer, and the rest of this post is about the currency. :::johnson **a place can be paid in euros today.** — a certificate can be priced in EURC on Base, and the sale lands in the account the certificate names, set to the place's agent. [see euros already arriving in the proceeds tree →](/proceeds/0xb589c6363c74bfc6ed36b6acf31afbc6f5dd7761?from=guide) ::: ## the dollar went first, and the rest are not equally close Most of the real money onchain today is dollars. Native USDC, issued by Circle, has been on Base since September 2023. JPMorgan made its USD deposit token, JPM Coin, available to institutional clients on Base in November 2025 for transfers around the clock. USDC is a stablecoin issued by Circle. JPM Coin is a deposit token, a claim on the bank. Stablecoins in every other currency together make up less than one percent of total stablecoin supply. So "every currency is coming onchain" is a direction, not a fact about every currency. Some are live. Some have a licence and no launch. Some are a press release. If you fund places with euros, yen or Hong Kong dollars, the difference between those three words decides whether you can act this quarter. ## non usd stablecoins, by status **Non-USD stablecoins** are tokens that track a currency other than the US dollar, such as the euro, the yen or the Hong Kong dollar. Each is issued by a company or bank that holds reserves and redeems under its own terms. Each is only as good as its issuer, its reserves and the rules it answers to. Three words, used strictly: - **Live** means you can hold it and send it today, on a named network. - **Licensed** means a regulator has approved an issuer. It does not mean the coin exists yet. - **Announced** means a plan. It may still need approval. | currency | on base today | elsewhere | status | |---|---|---|---| | Euro | EURC, issued by Circle, native on Base since July 2024 | SG-Forge (Société Générale) issues EURCV under MiCA; Qivalis, a bank consortium, plans a euro coin on Ethereum | EURC live on Base; EURCV live (not confirmed on Base); Qivalis announced, awaiting approval | | Hong Kong dollar | Nothing confirmed | HSBC and Anchorpoint (Standard Chartered, HKT, Animoca) hold Hong Kong's first issuer licences; HSBC planned a launch in the second half of 2026 | Licensed, not confirmed live | | Japanese yen | Not confirmed | JPYC, under Japan's framework, mainly on Polygon | Live elsewhere | | Canadian dollar | CADC, named by Base among local stablecoins launched on Base | — | Listed by Base as launched | | Indonesian rupiah | IDRX, named by Base among local stablecoins launched on Base | — | Listed by Base as launched | | Others | Treat as leads | Many programs announced | Check issuer, regulator and contract before you rely on one | For context, the dollar row would read: USDC live on Base, JPM Coin live on Base for institutional clients. ## the euro got there first The euro is the non-dollar currency a place can actually be paid in on Base today. Circle issues EURC in the European Union through Circle France under MiCA, the EU's rulebook for this kind of token, and describes it as fully reserved and redeemable one for one under its terms. Circle Mint supports minting and redeeming EURC on Base for its business customers. The contract on Base is `0x60a3e35cc302bfa44cb288bc5a4f316fdb1adb42`, and it is the same address ensurance accepts. Société Générale's SG-Forge also issues a euro token, EURCV, under MiCA. We have not confirmed it on Base, so it sits in the table as live elsewhere. Qivalis is the one to watch. About 37 European banks had joined by September 2026, planning a MiCA euro stablecoin. It is waiting on approval from the Dutch central bank, and it is planned on Ethereum, not Base. Until it launches, it is a plan. The euro got there first. The Hong Kong dollar has its licence. ## the hong kong dollar has its licence Hong Kong's Stablecoins Ordinance took effect on August 1, 2025. Anyone issuing a fiat-referenced stablecoin in Hong Kong, or a Hong Kong dollar stablecoin from anywhere, needs a licence from the Hong Kong Monetary Authority. In spring 2026 the HKMA granted the first two: to HSBC, and to Anchorpoint, a venture of Standard Chartered, HKT and Animoca. HSBC said it planned a Hong Kong dollar stablecoin in PayMe and its Hong Kong app for the second half of 2026. A licence is not a launch. As of this writing we have not confirmed a licensed Hong Kong dollar coin live on any network, Base included. When one is, it becomes a currency a place can be paid in, the same way EURC is today. ## yen, canadian dollars, rupiah and the rest JPYC is a yen stablecoin under Japan's framework. It is live, mainly on Polygon. Base itself names CADC and IDRX, Canadian dollar and Indonesian rupiah coins, among the local stablecoins launched on Base. Those are Base's words. Before a place's account takes one in, check the issuer and the contract the way the [stablecoin safety checklist](/guide/are-stablecoins-safe?from=guide) describes. Everything else on the long list of announced national coins is a lead. Ask three questions: who issues it, which regulator licensed that issuer, and what contract address it uses on the network you are on. If any answer is missing, wait. ## how to fund a place in another country in euros today Back to the foundation in Lyon. Here is the path that exists now. 1. **The place has an account.** On ensurance, a place is represented by an [agent](/agents?from=guide) with its own onchain account. The Crystal River has one at [crystal-river.basin](/crystal-river.basin?from=guide). 2. **The work is offered as a certificate.** A [specific ensurance certificate](/specific?from=guide) can be priced in any coin on Base, or ETH. USDC is the default, and EURC is the euro choice today. 3. **The funder pays in euros.** The foundation holds EURC, from Circle Mint if it is a business customer, or from an exchange that serves its country. 4. **The sale lands in the place's account.** The sale price goes to the account the certificate names, which people set to the place's agent. No conversion happens on the foundation's side. 5. **The place decides when to convert.** The account can hold euros, or swap them to USDC when the crew needs dollars. Every swap or payout is proposed and a person confirms it ([how that works](/guide/the-account-proposes-you-confirm?from=guide)). Someone still converts euros to dollars if the crew is paid in dollars. What changes is the order: the money arrives at the place first, and the people closest to the work choose when to convert. The account design is portable, and today ensurance runs on Base. ## euros already land in the proceeds tree You do not have to take the euro path on faith. ensurance's [proceeds tree](/proceeds?from=guide) is public, and one of its five swappers converts what it receives into EURC. The others target USDC, ETH, cbBTC and ENSURE. [The EURC swapper](/proceeds/0xb589c6363c74bfc6ed36b6acf31afbc6f5dd7761?from=guide) holds 24 different coins right now, waiting to become euros. Among them are coins named for boreal forests, pollination, giant redwoods and the condor. When a swap runs, what it holds is converted into EURC. The size of the balance is not the point. The path is: proceeds that arrive in coins named for living systems end in a currency a European funder already reports in. ## if you hold euros and depend on a place A European sustainability lead often has the hardest version of this problem. The dependency sits in another country, the budget is in euros, and every conversion adds a line someone has to explain. A certificate priced in EURC lets the budget stay in euros up to the moment it reaches the place's account, and the transaction is public for the report. If your company depends on a named place, [see how ensurance works for corporations](/solutions/corporations?from=guide&topic=real-money-onchain), or [talk to someone about funding a place in euros](/contact?from=guide&topic=real-money-onchain). ## frequently asked questions ### what are non usd stablecoins? Non-USD stablecoins track a currency other than the US dollar, such as the euro, yen or Hong Kong dollar. They are issued by companies or banks against reserves and redeemed under the issuer's terms. Together they are under one percent of stablecoin supply. EURC is the one a place can be paid in on Base today. ### can a place be paid in euros on ensurance today? Yes. A certificate can be priced in EURC, and the sale price goes to the account the certificate names, set to the place's agent. The account can hold the euros or convert them later. ### is there a hong kong dollar stablecoin on base? Not one we have confirmed. HSBC and Anchorpoint hold Hong Kong's first issuer licences, granted in spring 2026, and HSBC planned a launch in the second half of 2026. A licence is not a launch. ### does ensurance run on other networks? Ensurance runs on Base today. Its accounts use ERC-6551, a standard that works on most EVM networks, so the same account design can follow a currency elsewhere. That is portability in design, not live operation on other networks. ## sources [Circle: EURC now available on Base (July 30, 2024)](https://www.circle.com/blog/eurc-now-available-on-base) — native EURC on Base, Circle Mint minting and redemption, Base contract address [Circle EEA](https://www.circle.com/circle-eea) — EURC issued in the EU by Circle France under MiCA [Circle MiCA redemption policy](https://www.circle.com/legal/mica-redemption-policy) — USDC and EURC described as fully reserved and redeemable 1:1 [Circle: USDC now available natively on Base](https://www.circle.com/blog/usdc-now-available-natively-on-base) — native USDC on Base, September 2023 [JPMorgan: JPM Coin USD deposit token for institutional clients](https://www.jpmorgan.com/payments/newsroom/jpm-coin-usd-deposit-token-institutional-clients) — JPM Coin on Base, November 2025 [Transak: banks using stablecoins](https://transak.com/blog/banks-using-stablecoins) — SG-Forge EURCV and USDCV under MiCA (secondary) [CaixaBank on Qivalis](https://www.caixabank.com/en/headlines/news/qivalis-joint-venture-of-a-european-banking-consortium-to-launch-euro-stablecoin-in-the-second-half-of-2026) — bank consortium euro stablecoin plan [CryptoTimes, September 9, 2026](https://www.cryptotimes.io/2026/09/09/37-european-banks-plan-mica-compliant-euro-stablecoin-on-ethereum/) — about 37 banks, awaiting Dutch central bank approval, planned on Ethereum [Linklaters: Hong Kong launches new stablecoin regime (August 2025)](https://www.linklaters.com/insights/blogs/fintechlinks/2025/august/hong-kong-launches-new-stablecoin-regime) — Stablecoins Ordinance in force August 1, 2025 [Davis Polk: Hong Kong's new stablecoin licensing and regulatory regime](https://www.davispolk.com/insights/client-update/hong-kong-s-new-stablecoin-licensing-and-regulatory-regime) — licence needed in Hong Kong and for HKD-referenced coins issued abroad [CoinDesk: Hong Kong awards first stablecoin licences](https://www.coindesk.com/policy/2026/03/24/hong-kong-awards-first-stablecoin-licenses-to-hsbc-standard-chartered-led-group) — HSBC and Anchorpoint [Elliptic: Hong Kong awards first stablecoin licences](https://www.elliptic.co/insights/hong-kong-awards-first-stablecoin-licenses-to-hsbc-and-standard-chartered/) — licensees and HSBC's second-half 2026 plan [CoinGecko: the rise of non-USD stablecoins](https://www.coingecko.com/learn/the-rise-of-non-usd-stablecoins-and-the-future-of-on-chain-finance) — JPYC, mainly on Polygon; non-USD under one percent of supply [Base: request for onchain startups (September 2025)](https://base.org/blog/y-combinator-request-for-onchain-startups) — EURC, CADC and IDRX among local stablecoins launched on Base [ensurance proceeds API, EURC swapper (read 2026-11-01)](https://ensurance.app/api/proceeds/0xb589c6363c74bfc6ed36b6acf31afbc6f5dd7761) — 24 distinct coins held ## the series - [the money you trust is already onchain](/guide/the-money-you-trust-is-already-onchain?from=guide) (read first) - [a stablecoin is a dollar with an address](/guide/a-stablecoin-is-a-dollar-with-an-address?from=guide) - [every currency is coming onchain](/guide/every-currency-is-coming-onchain?from=guide) - [are stablecoins safe?](/guide/are-stablecoins-safe?from=guide) - [paid on arrival](/guide/paid-on-arrival?from=guide) - [proceeds pay all the time](/guide/proceeds-pay-all-the-time?from=guide) - [any coin, steady money](/guide/any-coin-steady-money?from=guide) - [fund the dependency from the treasury you already hold](/guide/fund-the-dependency-from-the-treasury-you-already-hold?from=guide)