EURC

EURC is a euro stablecoin issued by Circle, the company behind USDC. It follows the same reserve model as its dollar counterpart: each token is intended to be fully backed by euros held in euro-denominated bank accounts and redeemable one-to-one for the currency.

The token was originally launched as Euro Coin and later renamed EURC. It exists to fill a gap that persisted for years in crypto markets, where almost all stablecoin liquidity was dollar-denominated, forcing European users and businesses to take dollar exposure even for euro-denominated activity.

Structure

Circle issues and redeems EURC for institutional customers who go through its onboarding process, and the token circulates freely on chain thereafter. Reserves are held with regulated banking partners and reported through Circle's regular attestation process. Supply is uncapped, with roughly 403 million tokens outstanding, and changes as tokens are minted and redeemed.

EURC is available on multiple networks including Ethereum, Solana, Avalanche, Base, Optimism, and Cronos, with a separate contract on each.

Regulatory position

Circle has pursued regulatory authorization in the European Union, and EURC is issued under a framework that brings it within EU rules for electronic money tokens. That has become a meaningful differentiator, since the EU's markets in crypto-assets regulation imposes requirements on stablecoin issuers that not all can meet, and several exchanges have delisted non-compliant tokens for European users as a result.

EURC's liquidity remains considerably smaller than that of dollar stablecoins, which affects spreads and the depth of trading pairs available. That is a structural feature of demand for euro settlement in crypto markets rather than a shortcoming of the token itself.