EuroBacked Stablecoin Skyrockets with Over 90 Million in Circulation

Circle’s euro-backed stablecoin, EURC, has achieved a record high supply of over 90 million, driven by growth on Coinbase’s Ethereum Layer 2 network, Base.
Currently standing at 91.8 million, EURC has a market capitalization of approximately $99.2 million.
Patrick Hansen, Circle’s Senior Director of EU Strategy and Policy, highlighted that EURC is now the largest euro stablecoin in terms of market capitalization, surpassing the €90 million milestone. Since its launch in June 2022, EURC initially grew to around 80 million before experiencing a decline and recently recovering.
Base has swiftly emerged as the leading chain for EURC, hosting 44.5 million, while Ethereum holds 40 million. Following Circle’s distinction as the first global stablecoin issuer licensed under the EU’s Markets in Crypto Assets (MiCA) regulations in July, EURC’s supply has grown 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 remains uncertain due to concerns about MiCA. Despite EURC’s progress, U.S. dollar-denominated stablecoins continue to dominate, with Tether’s USDT constituting 71% of the market. Hansen emphasized that while the euro is gaining traction, it still requires more liquidity and utility to expand its adoption.