Circle’s euro-backed stablecoin EURC has surpassed €400 million in circulation after its supply more than doubled over the past year as the token gained support across exchanges, payment providers and institutional platforms.
Summary
- EURC has surpassed €400 million in circulation after its supply more than doubled over the past year.
- Circle said EURC is now supported across major blockchains, exchanges, payment networks and institutional platforms.
- Euro stablecoin supply reached about €650 million by June 2026, with EURC holding a large share of the market.
- Circle operates EURC as a MiCA compliant e money token through its licensed entity in France.
Circle said in an Aug. 17 update that EURC supply had increased by more than 100% over the previous year, with the token now used across trading, payments, foreign exchange, treasury operations and institutional settlement. Circle’s EURC page showed €402.4 million in circulation as of Aug. 13, 2026.
The issuer attributed the increase partly to distribution across blockchains and financial platforms, after euro-denominated stablecoins spent years operating with less liquidity than their U.S. dollar counterparts. Circle said users previously had to rely more heavily on dollar stablecoins as intermediary assets when moving between fiat euros and digital assets, while euro-denominated onchain markets offered less liquidity.
According to the company, EURC has since become its main euro-denominated asset for users seeking a token redeemable at a one-to-one rate against the euro, with institutional use increasing alongside new European crypto rules.
EURC supply has climbed from about €80 million since 2024
EURC was launched on Ethereum in June 2022 before Circle expanded native issuance to Avalanche, Stellar, Solana and Base from 2023 onward.
By the end of 2024, the stablecoin was available across five blockchains with around €80 million in circulation, according to Circle. Its supply more than doubled during the first half of 2025 and continued increasing through the remainder of the year.
Exchange distribution developed alongside the blockchain expansion. Circle said Bitpanda, Bitstamp, Bybit, Coinbase and Kraken have listed EURC, giving users access to EURC/EUR and EURC/USD markets without requiring every transaction to pass through a dollar stablecoin.
Institutional access also expanded through custody and settlement providers including Cobo, Copper and Fireblocks, while euro onramp and offramp providers Mercuryo, MoonPay, Ramp and Transak integrated EURC for users moving between euros and digital assets.
Payment networks have also added the token to stablecoin settlement products. Mastercard and Circle expanded stablecoin settlement in August 2025 to support USDC and EURC for acquirers across Eastern Europe, the Middle East and Africa. Mastercard said at the time that participating acquirers could use Circle’s stablecoins when settling payments with merchants.
Circle said Visa and Mastercard integrations during 2024 and 2025 opened additional uses for EURC across cross-border transfers, card-linked payments and euro-denominated settlement.
MiCA has given EURC a regulated route across Europe
Circle operates EURC as an electronic money token under the European Union’s Markets in Crypto-Assets Regulation, with issuance handled through its licensed electronic money institution in France.
The company received an Electronic Money Institution licence from French regulators in July 2024, allowing Circle Mint France to issue EURC and USDC for European customers. As crypto.news previously reported, Circle became the first global stablecoin issuer to announce compliance with MiCA’s stablecoin rules at the time.
Under Circle’s operating model, EURC reserves are segregated from the company’s corporate funds and subject to monthly third-party attestations. Circle said eligible businesses with Circle Mint accounts can redeem EURC directly for euros at a one-to-one rate, while other holders can access secondary markets through exchanges.
MiCA became fully applicable across the EU at the end of 2024, establishing requirements covering stablecoin reserves, governance, disclosures and redemption rights. Circle has said regulatory clarity helped regulated financial companies assess how euro-denominated digital assets could be used for treasury management, payments and settlement.
Institutional distribution expanded further in September 2025 when Deutsche Börse agreed to integrate Circle stablecoins into parts of its European market infrastructure.
The agreement covered EURC and USDC trading through 360T’s digital exchange 3DX and institutional custody through Clearstream. Circle CEO Jeremy Allaire said at the time that connecting regulated stablecoins with established financial venues could streamline trading, settlement and custody workflows.
Euro stablecoin supply has reached about €650 million
Dollar-pegged tokens still account for most stablecoin supply, but Circle said euro stablecoins have become the second-largest fiat stablecoin segment.
According to the company, total global stablecoin supply stood at roughly $300 billion at the start of 2026. Euro stablecoin circulation increased from around €400 million on June 1, 2025 to approximately €650 million by June 1, 2026.
EURC accounted for more than €400 million by August, giving the Circle-issued token a large share of the euro-denominated market based on the figures provided by the company.
Competition for that market is also increasing as European banks prepare their own regulated digital currencies.
In May, European banking consortium Qivalis expanded to 37 participating institutions after adding 25 banks from 15 countries, including ABN AMRO, Rabobank, Nordea and Intesa Sanpaolo. The group is preparing a MiCA-compliant euro stablecoin and is seeking approval from the Dutch central bank as an Electronic Money Institution.
Qivalis CEO Jan Oliver Sell said the consortium wants Europe’s onchain financial infrastructure to remain tied to the euro and governed under European rules. The project had previously selected Fireblocks to provide tokenisation technology, custody services and wallet infrastructure.
Circle, meanwhile, has argued that existing European financial-market rules can still restrict the use of euro stablecoins even when issuers comply with MiCA.
Circle wants fewer barriers for euro stablecoin settlement
In March 2026, Circle asked EU policymakers to change parts of the European Commission’s proposed Market Integration Package, arguing that some requirements could restrict institutional settlement using electronic money tokens.
One concern involved market-capitalisation thresholds for e-money tokens used in settlement. Circle said limiting some settlement functions to tokens classed as “significant” could make it harder for smaller euro stablecoins to develop enough liquidity to qualify for institutional use.
The company proposed more flexible thresholds based partly on market adoption and liquidity conditions. EURC is treated as an e-money token under MiCA but does not meet the regulation’s definition of a significant e-money token, according to Circle’s regulatory documentation cited in the March report.
Circle also asked the European Commission to let crypto-asset service providers participate more directly in the EU’s Distributed Ledger Technology Pilot Regime, including access to parts of the settlement infrastructure currently limited to credit institutions and central securities depositories.
For EURC itself, Circle said its addressable market remains much larger than current circulation. Euro-area M2 money supply exceeded €16 trillion in late 2025, according to figures cited by the issuer, compared with roughly €650 million held across euro stablecoins by June 2026.
The company said EURC is currently used across its supported blockchain networks for payments, foreign exchange, treasury operations and settlement, with Circle Mint providing eligible businesses with direct conversion between euros and EURC.
