What is EURC (EURC)?

Quick Facts

  • Issuer: Circle Internet Financial (Circle Mint Europe SAS)
  • Peg: 1:1 to the euro
  • Regulation: MiCA-compliant E-Money Token (EMT) under EU law
  • License: EMI license from France's ACPR regulator
  • Blockchains: Ethereum, Solana, Avalanche, Base, Stellar
  • Reserves: Attested monthly by Deloitte
  • Smart contract design: Modeled after USDC

Introduction

EURC is Circle's euro-backed stablecoin, designed to bring the stability and familiarity of the euro to public blockchain networks. Each EURC token is redeemable 1:1 for one euro, making it a fully reserved digital representation of the European currency.

Built by the same team behind USDC, EURC follows a proven full-reserve model and is recognized as the leading MiCA-compliant euro stablecoin in the market.

History & Background

Circle first launched the token in 2022 under the name 'Euro Coin.' It was rebranded to EURC in 2024 to align with the broader Circle stablecoin brand identity.

A pivotal moment came on July 1, 2024, when Circle Mint Europe SAS received an Electronic Money Institution (EMI) license from France's Autorité de contrôle prudentiel et de résolution (ACPR) — the same day the EU's MiCA stablecoin provisions took effect. This made Circle the first major stablecoin issuer to achieve MiCA compliance on both its USD and EUR offerings.

How EURC Works

EURC operates on a full-reserve model. For every EURC token in circulation, Circle holds an equivalent amount in euro-denominated cash and short-duration sovereign assets, stored at regulated financial institutions within the European Economic Area.

Reserves are published in monthly attestation reports audited by Deloitte, ensuring full transparency. Businesses can mint or redeem EURC through Circle Mint, which also supports cross-chain transfers between supported networks.

The EURC smart contract is modeled after USDC, making it straightforward for developers to integrate into existing applications without significant additional effort.

Tokenomics

EURC follows a demand-driven issuance model — tokens are minted when customers deposit euros via Circle Mint and burned when they redeem. There is no fixed cap; the token supply expands and contracts in direct proportion to real-world euro deposits.

This model ensures the token is always fully collateralized. Reserve assets are held in segregated accounts, meaning they cannot be commingled with Circle's corporate funds.

Circulating supply ? 376.20 million EURC
Total supply ? 376.20 million EURC
Max supply ? -- EURC
Updated 3d ago

Ecosystem & Use Cases

EURC is used across a wide range of on-chain and real-world applications:

  • DeFi: FX trading, borrowing, and lending on decentralized protocols
  • Cross-border payments: Near-instant euro remittances at a fraction of traditional costs
  • FX markets: Used alongside USDC to enable 24/7 EUR/USD trading
  • Institutional payments: Integrated with payment infrastructure for point-of-sale and settlement use cases

Its multi-chain deployment — across Ethereum, Solana, Avalanche, Base, and Stellar — gives users flexibility to transact in the ecosystem of their choice.

Team, Governance & Community

EURC is issued and governed by Circle Internet Financial, a regulated U.S.-based fintech company. The European entity, Circle Mint Europe SAS, is headquartered in Paris and holds the ACPR EMI license that grants EURC legal status across all 27 EU member states.

Circle does not operate a decentralized governance model for EURC. All reserve management, compliance, and policy decisions are made centrally by Circle, consistent with its regulatory obligations under MiCA.

Advantages

  • Full MiCA compliance — legally recognized across the entire EU under a single EMI license
  • 1:1 euro backing — every token is redeemable for one euro at par value
  • Monthly third-party attestations — Deloitte-verified reserve transparency
  • Multi-chain availability — deployable across five major blockchain networks
  • USDC-compatible design — easy developer integration

Risks & Challenges

  • Centralization risk — Circle has full control over minting, burning, and reserve management
  • Counterparty risk — reserves rely on regulated European banks remaining solvent
  • Regulatory dependency — business model depends on maintaining the ACPR EMI license
  • Euro stablecoin market size — the euro stablecoin segment remains significantly smaller than its USD counterpart

Long-Term Vision

Circle positions EURC as foundational infrastructure for a euro-native digital economy. The goal is to enable businesses, institutions, and individuals to access euro liquidity on-chain at any time, without friction or geographic restriction.

As European regulatory frameworks mature and blockchain adoption grows across the continent, EURC is designed to serve as the compliant, transparent, and programmable alternative to traditional euro payment rails.

Frequently Asked Questions

EURC is Circle's euro-backed stablecoin, redeemable 1:1 for euros. It is issued under the EU's MiCA regulation by Circle Mint Europe SAS, a licensed Electronic Money Institution in France.

EURC is issued by Circle Mint Europe SAS, a French subsidiary of Circle Internet Financial. Circle is also the issuer of USDC, one of the world's largest dollar stablecoins.

Yes. EURC is classified as an E-Money Token under the EU's MiCA regulation and is supervised by France's ACPR. Circle's single French EMI license passports EURC's legal status across all 27 EU member states.

Circle publishes monthly attestation reports for EURC reserves, audited by Deloitte. Reserves are held in segregated euro-denominated accounts at regulated European financial institutions.

EURC is deployed natively on Ethereum, Solana, Avalanche, Base, and Stellar. Users can move EURC between chains through Circle Mint.

EURC is used for DeFi activities such as FX trading, borrowing, and lending, as well as for cross-border payments and euro-denominated business settlements. It enables 24/7 access to euro liquidity on-chain.

EURC is pegged to the euro, while USDC is pegged to the US dollar. Both are issued by Circle under a full-reserve model, and EURC's smart contract design is directly modeled after USDC.

No. EURC is a centralized stablecoin. Circle controls all minting, burning, and reserve management, in line with its regulatory obligations under MiCA.