Stablecoins in Germany: tax, platforms, and the rules that bite.
The short answer
Yield is taxed like savings interest; conversions are taxed like crypto trades — and the two rules collide on every transaction. Here is the whole picture for a German private investor, checked against BMF guidance.
At a glance
- Tax on yield
- 26.375% Abgeltungsteuer
- Tax on conversions
- §23 EStG · private sale
- Holding-period rule
- 1 year → gains tax-free
- Free allowance
- €1,000 Sparer-Pauschbetrag
- Regulator
- BaFin
- Reporting
- DAC8 from 2026
Last checked 24 JUL 2026
A worked example: €10,000 in EURC at 3.1% for one year
Single filer, allowance not yet used, Kirchensteuer excluded. Editorial figures — verify rates with the platform and your Steuerberater.
| Position | Amount |
|---|---|
| Gross yield (3.1% APR) | €310.00 |
| Sparer-Pauschbetrag applied | −€310.00 of €1,000 |
| Taxable yield | €0.00 |
| Net yield kept | €310.00 |
| Same yield, allowance already used elsewhere | €310 − 26.375% = €228.24 |
The catch — two regimes, one wallet
Yield on a euro stablecoin is investment income (Abgeltungsteuer). But the moment you convert EURC→USDC, or spend a stablecoin with a card, that’s a private sale under §23 EStG — with its own one-year holding rule and a separate €1,000 exemption for gains.
For a euro-pegged coin the gain per conversion is usually cents — but every conversion is still a taxable event to document. From 2026, DAC8 means your platform reports balances and transfers to the Finanzamt quarterly; the documentation burden is yours either way. Full background in the MiCA & regulation guide.
Rule of thumb
Hold euro coins, earn yield, convert rarely, export your transaction history monthly. Currency-matched coins make the §23 side of the ledger near-zero.
Platforms available in Germany
| Platform | Regulator | Status |
|---|---|---|
| Bitstamp (by Robinhood) | CSSF · LU | MiCA CASP |
| Bitvavo | AFM · NL | MiCA CASP |
| Bitpanda | FMA · AT | MiCA CASP |
| Trade Republic | BaFin · DE | Bank |
FAQ
Is stablecoin yield taxed in Germany?
Yes. Yield is investment income under the Abgeltungsteuer at 26.375%. The €1,000 Sparer-Pauschbetrag allowance applies — yield below the unused allowance is effectively tax-free.
Is converting EURC to USDC a taxable event?
Yes. Converting one crypto-asset into another — including EURC→USDC — is a private sale under §23 EStG, with its own one-year holding rule and a separate €1,000 exemption for gains. For euro-pegged coins the gain per conversion is usually cents, but every conversion must still be documented.
What changes with DAC8 from 2026?
Your platform reports balances and transfers to the Finanzamt quarterly. The reporting obligation sits with the platform; the documentation burden for your return stays with you.
Sources
- BMF — guidance on the tax treatment of virtual currencies (Einzelfragen, 10 May 2022)bundesfinanzministerium.deretrieved 24 JUL 2026
- Einkommensteuergesetz §23 — private Veräußerungsgeschäftegesetze-im-internet.de/estg/__23.htmlretrieved 24 JUL 2026
- Council Directive (EU) 2023/2226 (DAC8) — administrative cooperation in taxationeur-lex.europa.eu/eli/dir/2023/2226/ojretrieved 24 JUL 2026
Corrections: research@stablecoinpro.eu — errors are corrected in the open.
Not tax advice — talk to a Steuerberater.
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