EURC stablecoin supply hits all-time high as market cap approaches $100 million

The Circle-issued EURC stablecoin has reached an all-time high supply of more than 90 million, fueled by substantial growth on the Coinbase-incubated Ethereum Layer 2 network Base.

EURC has a current circulating supply of 91.8 million, according to The Block’s EURC Price Page, equating to a market cap of $99.2 million. 

“EURC is the largest euro stablecoin by market cap and its dominance is growing,” Circle Senior Director of EU Strategy and Policy Patrick Hansen posted on X. “For the first time, it has surpassed the €90 million mark in circulating supply.”

Following its launch in June 2022, EURC jumped to a supply of approximately 80 million by November that year. However, it subsequently dropped heavily, only recently recovering to those levels this month, per CoinGecko data.

Launched on Base at the end of June, the layer 2 has since become the chain with the largest stablecoin supply, accounting for 44.5 million EURC, followed by Ethereum’s 40 million EURC, per Circle’s data. It is also available on Avalanche, Solana and Stellar.

EURC has grown more than 2.5x since Circle became the first global stablecoin issuer licensed and approved under the European Union’s new Markets in Crypto Assets (MiCA) regulations in July, Hansen said.

Tether's euro-backed stablecoin, EURT, is the second-largest euro stablecoin after EURC, with a 25.6 million supply, equating to a market cap of $27.5 million, per CoinGecko. EURT’s status in the EU is less certain, however, with Tether CEO Paolo Ardoino previously telling The Block that MiCA "contains several problematic requirements."

Since the implementation of select provisions of the regulations in June, MiCA-compliant stablecoins, such as Circle’s EURC and Société Générale’s EURCV, have dominated the euro-stablecoin market, according to a recent report by Kaiko Research.

U.S. dollar stablecoins still overwhelmingly favored

Despite the recent traction for EURC, U.S. dollar-denominated stablecoins are still overwhelmingly favored among crypto users. EURC’s supply represents less than 0.1% of the $176.6 billion global stablecoin market.

Tether’s USDT continues to dominate, representing 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.

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“The euro is finally gaining traction onchain, but will still need more liquidity, more listings, more utility,” Hansen acknowledged.