Circle’s EURC hits €400M in a slow push against dollar stablecoins

Circle’s euro-backed stablecoin EURC has surpassed €400 million in circulation, the issuer said in an Aug. 17 update reported by crypto.news on Aug. 18, 2026, after supply more than doubled over the previous year. Circle’s EURC page showed €402.4 million in circulation as of Aug. 13, 2026. The company attributed part of the growth to distribution across blockchains and financial platforms, saying the token is now used across trading, payments, foreign exchange, treasury operations and institutional settlement. The milestone comes after euro-denominated stablecoins spent years operating with less liquidity than their U.S. dollar counterparts, and as new European crypto rules under MiCA give regulated institutions a clearer framework for using euro digital assets.

Background

The sources describe a long build for EURC rather than a sudden surge. Circle launched EURC on Ethereum in June 2022, then expanded native issuance to Avalanche, Stellar, Solana and Base from 2023 onward. By the end of 2024, according to Circle, the stablecoin was available across five blockchains with around €80 million in circulation. Its supply more than doubled during the first half of 2025 and continued increasing through the remainder of the year. Circle said users previously had to rely more heavily on dollar stablecoins as intermediary assets when moving between fiat euros and digital assets, because euro-denominated onchain markets offered less liquidity. Exchange distribution developed alongside the blockchain expansion: Bitpanda, Bitstamp, Bybit, Coinbase and Kraken have listed EURC, giving users EURC/EUR and EURC/USD markets without requiring every transaction to pass through a dollar stablecoin. Institutional access expanded through custody and settlement providers including Cobo, Copper and Fireblocks, while euro onramp and offramp providers Mercuryo, MoonPay, Ramp and Transak integrated EURC. Circle operates EURC as an electronic money token under the EU’s Markets in Crypto-Assets Regulation, with issuance handled through its licensed electronic money institution in France. Circle received an Electronic Money Institution licence from French regulators in July 2024, allowing Circle Mint France to issue EURC and USDC for European customers, and crypto.news previously reported that Circle became the first global stablecoin issuer to announce compliance with MiCA’s stablecoin rules at the time. MiCA became fully applicable across the EU at the end of 2024, establishing requirements covering stablecoin reserves, governance, disclosures and redemption rights.

What happened

Circle said in an Aug. 17 update that EURC supply had increased by more than 100% over the previous year, according to crypto.news. The issuer’s EURC page showed €402.4 million in circulation as of Aug. 13, 2026, taking the token past the €400 million mark. Circle attributed the increase partly to distribution across blockchains and financial platforms, and said the token is now used across trading, payments, foreign exchange, treasury operations and institutional settlement. The company said EURC has 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. On distribution, 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 expanded through custody and settlement providers including Cobo, Copper and Fireblocks, while Mercuryo, MoonPay, Ramp and Transak integrated EURC for euro onramp and offramp. Payment networks also added the token: Mastercard and Circle expanded stablecoin settlement in August 2025 to support USDC and EURC for acquirers across Eastern Europe, the Middle East and Africa, with Mastercard saying 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 across cross-border transfers, card-linked payments and euro-denominated settlement. Institutional distribution expanded further in September 2025 when Deutsche Börse agreed to integrate Circle stablecoins into parts of its European market, according to the source text.

Market impact

The sources offer a limited set of figures, all tied to EURC supply and distribution rather than prices. Circle’s EURC page showed €402.4 million in circulation as of Aug. 13, 2026, and the issuer said supply had increased by more than 100% over the previous year. For scale, Circle said that by the end of 2024 the stablecoin was available across five blockchains with around €80 million in circulation, and that supply more than doubled during the first half of 2025 before continuing to increase through the remainder of the year. The sources do not report EURC trading volumes, market share against dollar stablecoins, or any price data, so no flow or pricing conclusions can be drawn beyond the circulation figures. On the distribution side, the sources name exchange listings across Bitpanda, Bitstamp, Bybit, Coinbase and Kraken, custody and settlement providers Cobo, Copper and Fireblocks, and onramp providers Mercuryo, MoonPay, Ramp and Transak. The sources also note Mastercard and Circle expanding stablecoin settlement in August 2025 to support USDC and EURC for acquirers across Eastern Europe, the Middle East and Africa, and a September 2025 agreement by Deutsche Börse to integrate Circle stablecoins into parts of its European market. No figures are given for those integrations.

Why it matters

The sources frame EURC’s growth as a shift in how euro-denominated onchain activity is conducted. 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. Exchange listings for EURC/EUR and EURC/USD markets, in Circle’s account, give users access without requiring every transaction to pass through a dollar stablecoin. Circle has also said regulatory clarity helped regulated financial companies assess how euro-denominated digital assets could be used for treasury management, payments and settlement. MiCA became fully applicable across the EU at the end of 2024, establishing requirements covering stablecoin reserves, governance, disclosures and redemption rights, and Circle operates EURC as an electronic money token under that framework through its licensed electronic money institution in France. Under Circle’s operating model, EURC reserves are segregated from corporate funds and subject to monthly third-party attestations, and eligible businesses with Circle Mint accounts can redeem EURC directly for euros at a one-to-one rate while other holders access secondary markets through exchanges. The sources present these arrangements, plus payment-network and institutional integrations, as the basis for EURC’s increased use.