Belem Capital has launched a EUR share class that generates its yield natively in euros, and it is now accessible to investors. The fund's existing stablecoin strategy produces returns in US dollars through USDC, whereas the new share class deploys into euro stablecoin markets, so the yield accrues directly in euros. The existing USD, ETH, and BTC share classes remain available and unchanged.

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The launch responds to a market that is forming quickly. The total capitalisation of MiCA-compliant EUR stablecoins reached €770 million in May 2026, and more than 35 European banks, including BNP Paribas, ING, UniCredit, and BBVA, are forming a consortium to issue a jointly governed euro stablecoin in the second half of 2026. The wider on-chain stablecoin market has reached $300 billion in total capitalisation, with transaction volumes now surpassing those of Mastercard and Visa combined.

On-chain liquidity nonetheless remains close to 99% dollar-denominated. The EUR accounts for roughly 22% of global financial transactions, yet its share of on-chain activity remains below 1%. Until now, that imbalance left investors seeking on-chain yield with strategies that earn in dollars, even when their own reporting currency is the euro.

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Native EUR yield

Belem Capital operates market-neutral strategies that are delta-neutral in the base currency of each share class, with performance measured and optimised in that currency rather than against a fiat benchmark. The EUR share class applies that approach to euro stablecoins: liquidity provisioning, over-collateralised lending, systematic arbitrage, and cash-and-carry strategies are deployed in EUR, and the resulting yield is generated in EUR. Investors therefore earn a EUR return on EUR capital.

The underlying investment approach, risk framework, and governance are identical across all share classes.

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Yield and access

The EUR share class targets a net yield of 5 to 7% per annum under normalised market conditions. It is intended as a yield-generating allocation for euro-denominated investors seeking on-chain returns without directional exposure to digital asset price movements.

The fund structure is unchanged. It remains a Luxembourg Alternative Investment Fund registered with the CSSF, with monthly liquidity, no lock-up, and a minimum investment of €250,000 equivalent. The AIFM is Caibuo Capital, regulated by the CSSF. NAV is calculated independently by NAV Fund Services, and the annual accounts are audited by Auren Luxembourg.

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Building the euro on-chain ecosystem

This launch reflects a wider conviction about the direction of European institutional finance. A liquid, regulated euro on-chain infrastructure is a prerequisite for the institutional adoption of on-chain financial markets in Europe, and the current dollar dominance of on-chain liquidity creates a structural mismatch for euro-based allocators that portfolio hedging only partially addresses.

For the initial deployment of the euro share class, Belem Capital is building on established, MiCA-compliant euro stablecoin infrastructure. The fund is engaging with regulated euro stablecoin issuers whose tokens operate under EU electronic money licences, with independently audited reserves and broad availability across European exchanges and platforms. These issuers represent the emerging EUR on-chain settlement layer that institutional investors will require as their allocations to digital asset strategies scale.

Belem Capital is the first registered digital asset fund in Luxembourg to introduce a euro-denominated share class for DeFi strategies. Demand from institutional partners across France, Belgium, Luxembourg, and Switzerland has been building over the past year, and the launch now formalises that access.

Subscription documentation for the EUR share class is available now, and preliminary enquiries may be directed to investors@belemcapital.com.

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About Belem Capital

Belem Capital is a Luxembourg-based digital asset investment platform and solution partner for professional and institutional investors. The firm combines years of operating history managing digital-asset strategies at multi-billion-dollar scale with decades of senior expertise from traditional asset management and regulated financial institutions.

For media enquiries: press@belemcapital.com‍

For more information: investors@belemcapital.com

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Disclaimer. This article is provided for informational purposes only. It does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to subscribe to any fund, and it is not intended as marketing under EU Directive 2011/61/EU (AIFMD). Information on Belem Capital is made available to institutional, professional and well-informed investors only.

Belem Capital SLP is a Luxembourg Special Limited Partnership, a sub-threshold Alternative Investment Fund registered with the CSSF and managed by an authorised AIFM, Caibuo Capital S.à r.l. The fund is registered, not regulated, under the Article 3 partial exemption of the Luxembourg law of 12 July 2013.

The 5 to 7% gross yield referenced is a target under normalised market conditions. It is not a forecast or a guarantee, and there is no assurance it will be achieved. Past performance is not indicative of future results. Investing in digital assets and AIFs involves significant risk, including the total loss of principal.

Any offer or subscription may be made only through the fund's PPM and constitutive documents. For full risk documentation, contact investors@belemcapital.com.

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