What is EURC?

EURC (Euro Coin) is a stablecoin pegged 1:1 to the euro, issued by Circle and launched in June 2022. Each EURC is backed by euro reserves held in regulated financial institutions within the European Economic Area, with monthly attestations from Grant Thornton. EURC is MiCA-compliant and operates on Ethereum, Solana, Base, Avalanche, and Stellar.

6 key features of EURC

1. Leading euro stablecoin: EURC holds $424 million market cap with 41% of the euro stablecoin market
2. MiCA compliant: Circle received Electronic Money Institution authorization in France, making EURC compliant with EU regulations from day one
3. Multi-chain availability: Works natively on Ethereum, Solana, Base, Avalanche, and Stellar with more blockchains planned
4. 100% euro reserves: Backed by euros held in EEA-regulated financial institutions, not dollar-denominated assets
5. Monthly attestations: Independent verification published monthly by Grant Thornton, a Big Four accounting firm
6. Instant EURC/USDC swaps: Circle Mint customers can swap between EURC and USDC near-instantly for cross-currency liquidity

EURC statistics for 2026

EURC has established itself as the dominant euro-denominated digital currency:

• $424 million market capitalization with 359 million circulating supply as of February 2026, representing the largest euro stablecoin by market cap
• 41% of the euro stablecoin market according to Utila's 2025 analysis, surging from 17% to 42% market share over 12 months as MiCA enforcement drove non-compliant stablecoins off major exchanges
• 43% growth in one month reaching $246 million supply in April 2025 per CoinDesk, driven by U.S. dollar weakness and demand for euro-denominated alternatives
• 22,000 active addresses as of April 2025, up 66% according to RWA.xyz data, demonstrating rapid user adoption
• $2.5 billion monthly transfer volume in April 2025, up 47% month-over-month per RWA.xyz analysis, indicating growing transaction activity
• 112 million EURC on Ethereum as of April 2025, up 35% in one month according to CoinDesk, maintaining Ethereum as the primary settlement layer
• 70 million EURC on Solana with 75% monthly expansion per RWA.xyz, the fastest-growing blockchain for EURC adoption
• 44.5 million EURC on Base making it the largest EURC supply by chain as of October 2024 according to The Block, surpassing Ethereum's 40 million
• 2.5x growth since MiCA authorization according to Circle's EU Strategy Director, with EURC expanding from €35 million to over €90 million after Circle received EMI licensing in July

How EURC maintains its value

EURC stays equal to €1 through a reserve system managed by Circle:

Mint and burn mechanism:

• When someone deposits euros with Circle, the company mints new EURC tokens equal to the euros received
• When someone redeems EURC for euros, Circle burns those tokens and returns the equivalent euros
• Supply adjusts automatically based on demand

Reserve composition:

• 100% backed by euros held in euro-denominated bank accounts
• Reserves held at regulated financial institutions within the European Economic Area
• No exposure to U.S. dollars or other currencies, purely euro-denominated
• Reserves are bankruptcy remote and held separately from Circle's operating funds

Independent verification:

• Grant Thornton provides monthly attestation reports
• Reports confirm reserves equal or exceed circulating EURC
• Published on Circle's transparency page within days of month-end

Regulatory compliance:

• Circle operates as a licensed Electronic Money Institution in France
• MiCA-compliant from day one of the regulation's enforcement
• Meets EU requirements for reserve backing, redemption rights, and operational transparency

EURC use cases

EURC serves as digital euro infrastructure for businesses and DeFi applications:

• Foreign exchange trading: DeFi protocols use EURC for instant EUR/USD swaps without traditional FX settlement delays. Circle Mint customers can swap EURC to USDC near-instantly, enabling frictionless access to multi-currency liquidity.
• Cross-border payments: Businesses use EURC to pay European suppliers in euros without wire transfer fees or multi-day settlement times. Visa's pilot program enables EURC settlements for cross-border transactions.
• DeFi lending and borrowing: Protocols including Aave, Morpho, and Angle Protocol accept EURC as collateral. Users can deposit EURC to earn yield or borrow against it. Morpho users can collateralize assets to borrow EURC or deposit into yield-generating vaults.
• Euro liquidity pools: Decentralized exchanges like Uniswap and Curve use EURC for EUR-denominated trading pairs. Orca offers liquidity incentives for EURC/USDC pools on Solana.
• Eurozone commerce: European businesses accept EURC for goods and services, particularly in regions where cryptocurrency adoption is high or traditional payment systems charge high fees.
• Treasury management: Companies operating in Europe hold EURC for euro-denominated operational expenses without converting to traditional bank accounts. This simplifies multi-currency treasury operations for businesses working across multiple blockchains.
• Institutional banking: Major digital asset exchanges including Bitstamp, Coinbase, and Ripio support EURC, providing institutional on-ramps and off-ramps for euro liquidity.

EURC on different blockchains

EURC operates natively on five blockchains with additional networks planned.

• Ethereum hosts 112 million EURC as of April 2025, growing 35% in one month. Ethereum remains the foundation for institutional DeFi activity and hosts 90.1% of all euro stablecoins according to Utila research. Regulated issuers prioritize Ethereum for its security and established infrastructure.
• Base leads with 44.5 million EURC supply as of October 2024, accounting for nearly half of all circulating EURC. As Coinbase's Layer 2, Base benefits from direct exchange liquidity and institutional connections. Base saw 30% growth in EURC supply, demonstrating strong adoption of Layer 2 infrastructure for euro transactions.
• Solana hosts 70 million EURC with 75% monthly growth, the fastest expansion of any chain. Solana's sub-cent transaction costs and instant finality make it ideal for high-frequency euro payments and remittances.
• Stellar enables 24/7 Visa payment settlements with EURC. The integration uses Stellar's blockchain for fast, low-cost transactions, allowing payment platforms to settle directly in euros. Wirex and other payment processors use Stellar for EURC settlements.
• Avalanche supports EURC with listing as collateral and incentive programs. The network offers fast settlement and low costs for euro-denominated DeFi applications.

Circle plans to expand EURC to additional blockchains beyond the current five, prioritizing networks with high institutional demand. Circle Mint enables businesses to swap EURC across supported blockchains at no additional cost, simplifying multi-chain euro liquidity management.

MiCA compliance and European regulation

The Markets in Crypto-Assets (MiCA) regulation entered force for e-money tokens in June 2024, requiring stablecoin issuers to meet specific reserve requirements, redemption guarantees, and operational transparency standards. Many euro stablecoins were delisted from major exchanges as MiCA provisions took effect.

Circle secured authorization as an Electronic Money Institution in France before MiCA's enforcement date, positioning EURC as MiCA-compliant from day one. This regulatory preparation proved crucial, as non-compliant stablecoins exited the market, EURC captured the resulting vacuum, growing from 17% to 41% market share in 12 months.

The European Banking Authority's requirements align with Circle's existing compliance infrastructure, including bankruptcy-remote reserves, monthly attestations, and direct redemption rights. EURC reserves sit in segregated accounts at EEA-regulated financial institutions, providing institutional-grade custody.

Tether withdrew its euro-backed stablecoin (EURT) as MiCA regulations took effect. Several exchanges including Binance delisted USDT for EU users, further increasing demand for MiCA-compliant alternatives like EURC. Kanga exchange converted 80% of affected trading pairs to EURC-indexed markets after delisting USDT and DAI in March 2025.

Circle publishes monthly attestation reports confirming that euro reserves equal or exceed circulating EURC. These reports detail reserve composition and are verified by Grant Thornton, providing the transparency MiCA requires.

EURC vs other euro stablecoins

EURC dominates the euro stablecoin market but competes with several alternatives.

• Market position: EURC holds 41% market share with $424 million market cap. Tether's EURT ranks second with 25.6 million supply ($27.5 million market cap), though its MiCA status remains uncertain. Société Générale's EURCV focuses on institutional DeFi with steady growth through lending protocol integrations on Morpho.
• Regulatory status: EURC achieved MiCA compliance through Circle's EMI authorization. EURT faces regulatory uncertainty, with Tether CEO calling MiCA requirements "problematic." This regulatory divide explains EURC's rapid market share gains as exchanges delist non-compliant alternatives.
• Distribution strategy: EURC benefits from Circle's institutional relationships and multi-chain deployment strategy. The combination of centralized exchange support, DeFi protocol integrations, and payment processor partnerships creates comprehensive market coverage.
• Reserve backing: EURC maintains 100% euro reserves in EEA-regulated institutions with monthly attestations. Tether's reserve composition for EURT is less transparent with quarterly rather than monthly reporting.
• Use cases: EURC serves institutional FX trading, cross-border payments, and DeFi lending. EURCV targets DeFi-first adoption through lending protocols. Most euro stablecoins focus primarily on trading rather than productive DeFi utility, limiting their organic demand.