Circle’s EURC Stablecoin Reaches Record Supply of 217 Million Tokens
Circle's euro-backed stablecoin, EURC, reached a record supply of 217 million tokens, valued at $246 million, marking a 43% increase in the past month. This growth is attributed to rising demand for euro-denominated digital assets amid U.S. trade tensions and a weakening dollar.
- EURC ranks above Paxos' Global Dollar and below Ripple's RLUSD by market capitalization.
- Most EURC tokens circulate on Ethereum (112 million), with Solana showing a 75% rise to 70 million, and Base experiencing a 30% growth to 30 million.
- Active addresses for EURC grew 66% to 22,000, with monthly transfer volume exceeding $2.5 billion, up 47% month-over-month.
Despite being the largest euro stablecoin, EURC trails significantly behind dollar-pegged stablecoins, which dominate 99% of the market. Circle's USDC leads with $58 billion, followed by Tether's USDT at $143 billion.
The growth of EURC signals increased investor interest in euro assets as concerns over U.S. dollar stability and economic uncertainties rise. The dollar has depreciated by 9% against the euro this year.
Xapo Bank reported a 50% increase in euro deposit volumes in Q1, outpacing a 20% rise in USDC deposits, while USDT deposits fell by over 13%.
Stablecoin swap volumes between foreign currency pairs on Ethereum-based decentralized exchanges hit multi-year highs, particularly in the EUR-U.S. dollar pair.
EURC may also gain from Tether's exit from the euro-backed stablecoin market due to upcoming MiCA regulations, impacting several exchanges like Binance that have delisted USDT for E.U. users.