Circle's euro-backed stablecoin has crossed €400 million in circulation, more than doubling its supply over the past year as European crypto regulations create a clearer path for regulated digital assets denominated in the single currency.
EURC reached €402.4 million in circulation as of August 13, according to Circle's own data, up from approximately €80 million at the end of 2024. The growth reflects a broader shift in the stablecoin market, where euro-denominated tokens are gaining ground against their dollar-dominated counterparts as European institutions seek compliance-ready alternatives under the Markets in Crypto-Assets framework.
How EURC Reached This Milestone
Circle launched EURC on Ethereum in June 2022 before expanding native issuance to Avalanche, Stellar, Solana, and Base. The token is now available across five blockchains and has been listed on major exchanges including Bitpanda, Bitstamp, Bybit, Coinbase, and Kraken, giving users direct access to EURC/EUR and EURC/USD trading pairs without routing through dollar stablecoins.
Institutional infrastructure has also expanded around the token. Custody and settlement providers including Cobo, Copper, and Fireblocks have integrated EURC, while onramp and offramp services like Mercuryo, MoonPay, Ramp, and Transak support the token for conversions between euros and digital assets. Payment networks have followed suit, with Mastercard expanding stablecoin settlement to support both USDC and EURC for acquirers across Eastern Europe, the Middle East, and Africa.
MiCA's Role in the Growth
The regulatory clarity provided by MiCA has been a significant catalyst. Circle operates EURC as an electronic money token under the EU regulation, with issuance handled through its licensed electronic money institution in France. The company received its EMI license from French regulators in July 2024, becoming the first global stablecoin issuer to announce MiCA compliance.
Under Circle's operating model, EURC reserves are segregated from corporate funds and subject to monthly third-party attestations. Eligible businesses with Circle Mint accounts can redeem EURC directly for euros at a one-to-one rate. This regulatory structure has given institutional users confidence to adopt the token for treasury management, payments, and settlement. For more on how stablecoin regulation is shaping the market, see our coverage of U.S. stablecoin regulation developments.
The Competitive Landscape
Total euro stablecoin supply reached approximately €650 million by June 2026, with EURC holding the largest share. But competition is intensifying. European banking consortium Qivalis expanded to 37 participating institutions in May, including ABN AMRO, Rabobank, Nordea, and Intesa Sanpaolo, and is preparing its own MiCA-compliant euro stablecoin pending approval from the Dutch central bank.
Circle has also pushed EU policymakers to modify parts of the European Commission's proposed Market Integration Package, arguing that market-capitalisation thresholds for e-money tokens used in settlement could restrict institutional adoption. The company has proposed more flexible thresholds based on market adoption and liquidity conditions rather than rigid capitalisation requirements.
What This Means for the Stablecoin Market
Dollar-pegged tokens still account for the vast majority of global stablecoin supply, which stood at roughly $300 billion at the start of 2026. But the growth of EURC demonstrates that euro-denominated stablecoins are carving out a meaningful niche, particularly as European financial institutions seek regulated onchain alternatives that align with their operational and compliance requirements.
The expansion also reflects a broader trend of stablecoins moving beyond trading into payments, settlement, and treasury operations. As more financial infrastructure providers integrate euro stablecoins, the utility gap between dollar and euro tokens is narrowing, though significant work remains before euro stablecoins achieve comparable liquidity depth.
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