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Circle’s euro-pegged stablecoin, EURC, is making headlines in the crypto market as it surpasses a significant milestone. The prominent stablecoin has reached a remarkable All-Time High (ATH) supply of over 90 million tokens. This surge is largely driven by the rapid growth of the Ethereum Layer 2 network, Base, incubated by Coinbase.
This achievement reflects a growing interest in euro-denominated digital assets and positions EURC as a leading euro-backed digital asset.
EURC Token Supply Surged Against All Odds
Recent data shows that the EURC has hit a circulating supply of 91.8 million, resulting in a market cap nearing $99.2 million. Patrick Hansen, Circle’s Senior Director of EU Strategy and Policy, celebrated this achievement on his X account.
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He expressed that EURC has become the largest euro stablecoin by market cap to cross the €90 million mark for the first time. The stablecoin, launched in 2022, experienced an early spike, reaching around 80 million by November.
Following its introduction on Base at the end of June, EURC has emerged as the leading stablecoin on the network. The digital asset boasts over 44.5 million tokens in supply. It is also available on other platforms, including Avalanche, Solana, and Stellar.
EURC’s Growth Under EU Regulations
EURC’s impressive growth can be attributed to Circle’s impressive strides. The stablecoin issuer became the first in the region to be licensed under the European Union’s Markets in Crypto Assets (MiCA) regulations in July. Hansen noted that the EURC has expanded twice its token supply since then.
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Meanwhile, Tether’s euro-backed stablecoin, EURT, is trailing with a supply token of 25.6 million, recording a market cap of $27.5 million. Before, Tether’s status in the EU was uncertain due to some challenges with MiCA requirements. But now, the leading stablecoin has shown signs of complying with the EU regulatory body.
After the introduction of MiCA rules in 2023, EURC and other compliant stablecoins gained a larger share of the euro stablecoin market, as revealed in a recent report by Kaiko Research. However, EURC’s supply remains low, representing less than 0.1% of the $176.6 billion stablecoin market.
U.S. Dollar Stablecoins remain unrivaled
In the broader stablecoin landscape, U.S. dollar stablecoins remain the overwhelming favorites among crypto users. Tether’s USDT commands 71% of the stablecoin market, while Circle’s USDC holds 21%. This illustrates a clear preference for dollar-denominated assets despite the growing interest in euro-based alternatives like EURC.
