EURC Stablecoin Supply Hits All-Time High

EURC Supply and Market Cap Driven by Strong Growth in Layer-2 Base. However, EURC only makes up a small portion of the global stablecoin map.

EURC (formerly EUROC), a stablecoin issued by Circle, has hit a new supply record of over $90 million - corresponding to a market cap of nearly $100 million.

At press time, EURC has a circulating supply of 91.8 million, and a market cap of $99.4 million. This growth has been driven by Coinbase's layer-2 Base.

Patrick Hansen, Circle's Head of EU Strategy and Policy, said that EURC is now the largest euro stablecoin by market cap and is gaining ground. This is the first time EURC's circulating supply has crossed the €90 million mark.

Launched in June 2022, EURC quickly reached 80 million in November of the same year, but then fell sharply and has only recently recovered.

Since July this year, EURC has been integrated with Base, and this layer-2 network is also the network with the largest amount of EURC stablecoins (44.5 million EURC), Ethereum is in second place (40 million EURC). In addition, users can find EURC on other networks such as Avalanche, Solana and Stellar.

EURC has increased more than 2.5 times since Circle became the first stablecoin issuer licensed under the new European Union Regulation on Cryptoassets (MiCA) in July.

Tether's EURT, a euro-backed stablecoin, is second to EURC, with a supply of 25.6 million and a market capitalization of $27.5 million. However, EURT still does not have a clear "legal status" in the EU. Tether CEO Paolo Ardoino has also expressed concerns about MiCA.

Since some MiCA regulations came into effect in June, compliant stablecoins like Circle’s EURC and Société Générale’s EURCV have “invaded” the euro stablecoin market, according to Kaiko Research.

Despite EURC’s recent gains, USD-pegged stablecoins still dominate the crypto community. EURC’s supply accounts for less than 0.1% of the $176.6 billion global stablecoin market.

The crown goes to Tether’s USDT, which accounts for 75% of the stablecoin market ($126.1 billion in supply), followed by Circle’s USDC with 21% market share and $36.9 billion in supply.

In conclusion, Patrick Hansen admits:

“The euro is finally starting to gain traction on the blockchain, but it still needs more liquidity, more listings, and more utility.”