Circle says euro stablecoin EURC has surpassed €400 million in circulation

From a single network to five chains

EURC began on Ethereum in June 2022 and stayed there until Circle started extending it to other networks in 2023. The token was later launched on Avalanche, Stellar, Solana, and Base, bringing its footprint to five blockchains by December 2024.

At that point, EURC had nearly €80 million in circulation. Circle said the token’s supply doubled in the first half of 2025 and was up by more than 100% over the previous 12 months, setting up the move past €400 million this month.

On August 14, Circle executive Patrick Hansen wrote that EURC had officially crossed €400 million in circulation for the first time and was more than ten times larger than at the start of the MiCA period two years earlier. Peter Schroeder also described it as the first euro-pegged stablecoin to reach that supply level.

Dollar stablecoins still dominate

The achievement comes against a market structure that remains overwhelmingly centered on the dollar. A Bank for International Settlements paper published in May 2026 said almost 98% of stablecoin value is denominated in dollars, suggesting stablecoins may reinforce the dollar’s position before other currencies gain meaningful scale.

Circle has argued that euro stablecoins have faced practical obstacles, including lower on-chain liquidity and workflows that often pushed users into dollar-pegged tokens even for euro transactions. In some cases, users also had to rely on bridges, adding friction and risk.

MiCA provided a framework, not instant demand

The European Union’s Markets in Crypto-Assets framework took effect in December 2024, setting rules on reserves, disclosures, governance, and redemption. Circle structured EURC so it could be treated as a MiCA-compliant e-money token and said it is issued through one of its electronic money institutions in France under ACPR supervision with fully segregated reserves.

The source article notes that MiCA did not itself create demand for euro stablecoins. Instead, it gave banks, payment companies, and other regulated firms a clearer basis for deciding whether they could use a euro-denominated token in their operations.

Payments use is the key test

Circle’s case for EURC depends less on exchange listings than on whether it is used as settlement infrastructure. On August 13, payments company Thunes said it had added EURC prefunding across Ethereum, Solana, Base, and Stellar, allowing euro transactions without waiting for banking hours or converting into dollars first.

Third-party data cited in the source points in the same direction. A Dune study prepared for Visa found that local-currency stablecoin volume rose about 90% to $1.2 billion in the period ending in February 2026, outpacing dollar-based tokens. Euro stablecoins accounted for more than 80% of market capitalization in that category and 85% of transfer volume, while EURC alone was said to process between $10 billion and $20 billion a month.

The same data suggested that unique addresses interacting with non-dollar stablecoins increased from roughly 40,000 in January 2023 to more than 1.2 million in early February 2026.

What the milestone shows next

EURC’s move above €400 million does not change the fact that the global stablecoin economy is still dominated by dollar-denominated assets. The more immediate significance is that a non-dollar stablecoin is slowly building regulated, liquid, and usable on-chain infrastructure.

The next confirmed step is continued expansion of practical payment access. Circle has tied EURC’s progress to MiCA-compliant issuance and to integrations such as Thunes support, alongside broader settlement efforts involving Visa and Mastercard, as it tries to turn euro stablecoin supply growth into a working cross-chain payments network.