EURC Stablecoin Reaches All-Time High

The Circle-issued EURC stablecoin has surpassed a supply of 90 million, reaching an all-time high of 91.8 million, thanks to notable growth within the Coinbase-incubated Ethereum Layer 2 network, Base.

According to The Block’s EURC Price Page, this equates to a market cap of $99.2 million. Patrick Hansen, Circle's Senior Director of EU Strategy and Policy, noted on X, "EURC is the largest euro stablecoin by market cap and its dominance is growing," emphasizing that it has crossed the €90 million mark in circulating supply for the first time.

Launched in June 2022, EURC's supply initially jumped to about 80 million by November but saw a decline before recently recovering to current levels as per CoinGecko data.

EURC was launched on Base at the end of June, and it has since emerged as the chain with the largest stablecoin supply, tallying 44.5 million EURC, followed closely by 40 million EURC on Ethereum according to Circle’s data. It is also available on Avalanche, Solana, and Stellar.

The growth of EURC has been significant, increasing more than 2.5x since Circle became the first global stablecoin issuer licensed under the European Union’s Markets in Crypto Assets (MiCA) regulations in July, Hansen stated.

In contrast, Tether's euro-backed stablecoin, EURT, is the second largest euro stablecoin with a supply of 25.6 million, translating to a market cap of $27.5 million according to CoinGecko. However, Tether CEO Paolo Ardoino has expressed concerns regarding the challenges posed by MiCA regulations.

U.S. Dollar Stablecoins Remain Dominant

Despite EURC's rising popularity, U.S. dollar-denominated stablecoins are still the preferred choice among crypto users. EURC's supply amounts to less than 0.1% of the $176.6 billion global stablecoin market.

Tether’s USDT continues to lead with 71% ($126.1 billion) of the total stablecoin market, followed by Circle’s USDC with a supply of $36.9 billion (21%) according to The Block’s data dashboard.

Hansen acknowledged that while the euro is gaining traction on-chain, it still requires "more liquidity, more listings, more utility."