Circle Internet Financial Europe SAS publishes a monthly EURC Reserve Report, examined by Deloitte & Touche LLP under AICPA attestation standards. This issue recomputes the published figures against a declared set of MiCA Article 30/36/54 reserve terms and attaches a hash-anchored receipt to the result. It does not audit whether Circle's underlying disclosure is truthful, and it does not redistribute the disclosure document itself. Every number below is a computed derivation, cited back to its source line.
policy_parameters), pinned as rules_version so a later rule change dates this issue rather than invalidating it. The coverage ratio and reserve composition are Circle's own reported figures, examined by Deloitte; this page adds no independent valuation of the underlying assets.
Issuer: Circle Internet Financial Europe SAS (issues and redeems EURC). Source: EURC Reserve Report, Report Dates June 2, 2026 and June 30, 2026, examined by Deloitte & Touche LLP under AICPA attestation standards, signed July 29, 2026 by Circle's Chief Accounting Officer. This issue uses the June 30, 2026 Report Date; the June 2, 2026 figures appear in the same source document and are not separately scored here.
| Source line (as published) | Amount |
|---|---|
| Cash held at regulated financial institutions | €389,833,314 |
| Cash due to / (owed by) Circle, timing and settlement differences, net | €(5,095,955) |
| Total EURC Reserve Assets, June 30, 2026 | €384,737,359 |
Per the source report, "Fair Value of Assets Held in EURC Reserve" is defined as the total balance of euro-denominated assets in Segregated Accounts held by Circle with regulated financial institutions on behalf of EURC holders: unencumbered accounts, segregated from Circle's own corporate accounts. The June 2026 report holds 100% cash at regulated institutions; it carries no sovereign-bill or repo line this period, unlike Circle's larger USDC reserve fund.
Computed by art-512-check-mica-reserve-disclosure, the suite's MiCA reserve disclosure checker, run against the declared rules below. The kernel performs no lookups (zero-egress) and ships no eligible-asset table or reporting template of its own. Every rule is this page's own declared input, pinned in the receipt.
| Check | Declared rule | Result |
|---|---|---|
| Coverage | Reserve total ≥ tokens in circulation | 1.0072 (covered, surplus €2,750,580) |
| Composition | Eligible asset classes: bank_deposit | 100% bank_deposit, 0 ineligible components |
| Concentration | No limit declared (single asset class this period) | not tested |
| Segregation | Minimum 30% (EMT default, Article 54(a)) | 100.00% segregated, meets minimum |
| Custodian | Acceptable: credit_institution | 0 components outside declared custodian types |
| Cadence | 31-day publication window | 0 missed periods (2026-06-02 to 2026-06-30) |
art-280-reserve-proof-verifier, the suite's Merkle-sum proof-of-reserves node named in this Scorecard's chain, corroborates a reserve total via an exchange-style customer-inclusion proof (OKX/Binance/Gate/Kraken export formats). Circle publishes its EURC and USDC reserves as an accountant-examined attestation, not as a Merkle-sum tree, so there is no real proof artifact to feed that node this issue. Running it against synthetic data under a real issuer's name would misrepresent what was verified, so it is scoped out here rather than faked; a future issue covering an issuer that publishes an on-chain or Merkle-sum reserve proof will exercise it with real input.
| Field | Value |
|---|---|
| Subject | EURC, issued by Circle Internet Financial Europe SAS |
| Disclosure period | EURC Reserve Report, as of June 30, 2026 (examined July 29, 2026) |
| Source field(s) | "EURC in Circulation" and "Fair Value of Assets Held in EURC Reserve" (Report Dates table), plus the reserve-assets line items |
| Computed value | coverage_ratio 1.0072, segregation_pct 100.00, 0 concentration breaches, 0 missed cadence periods |
| execution_hash | ea2dd026fe28dab912cca2f5afa0e4451bab98b1174662702b075a9339d80672 |
| verify_url | ainumbers.co/chaingraph/verify.html , paste the artifact below to replay the hash offline |
Computed by art-512-check-mica-reserve-disclosure v1.0.0, tool_id-pinned in the artifact. Any third party can run this kernel against the same policy_parameters below and reproduce the identical execution_hash.
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This issue was computed under Benchmark Series Methodology version v1.0 (2026-08-03). If a later methodology revision changes the derivation formula, this issue's figures stay dated to v1.0 rather than being silently re-narrated as wrong. No cadence SLA and no coverage percentage are claimed for the series: this is one dated issue, not a promise of the next one's timing.