Euro-Backed Stablecoin Surges Past €90 Million Supply

Circle's euro-backed stablecoin, EURC, has reached an all-time high supply of over 90 million, driven by growth on Coinbase's Ethereum Layer 2 network, Base.

Currently at 91.8 million, EURC has a market cap of approximately $99.2 million.

Patrick Hansen, Circle’s Senior Director of EU Strategy and Policy, noted that EURC is now the largest euro stablecoin by market cap, having surpassed the €90 million mark. Following its launch in June 2022, EURC initially grew to about 80 million before declining and recently recovering.

Base has quickly become the leading chain for EURC, hosting 44.5 million, while Ethereum has 40 million. After becoming the first global stablecoin issuer licensed under the EU’s Markets in Crypto Assets (MiCA) regulations in July, Circle has seen EURC’s supply grow by over 2.5 times.

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Tether’s euro stablecoin, EURT, is the second-largest, with a supply of 25.6 million, but its status in the EU is uncertain due to concerns about MiCA. Despite EURC’s gains, U.S. dollar-denominated stablecoins remain dominant, with Tether’s USDT making up 71% of the market. Hansen emphasized that while the euro is gaining traction, it still needs more liquidity and utility to expand its adoption.

Alexander Stefanov