TL;DR
- The EURC stablecoin, issued by Circle, has reached a historic supply of 91.8 million, with a market capitalization nearing $100 million.
- This growth has been driven by activity on the Ethereum layer 2 network, Base, which has hosted 44.5 million EURC since its launch in June 2022.
- Despite its growth, it represents less than 0.1% of the global stablecoin market, dominated by USDT and USDC, which account for 71% and 21% of the total, respectively.
The EURC stablecoin, issued by Circle, has reached a historic supply of over 90 million, translating to a market capitalization close to $100 million.
This growth has been fueled by strong activity on the Ethereum layer 2 network known as Base, which has positioned itself as the leading chain with the highest supply of stablecoins, housing 44.5 million EURC. Since its launch in June 2022, EURC has experienced meteoric growth, jumping from approximately 80 million in November of that same year to its current level after facing a supply drop in previous periods.
New EURC All-Time High 💶 ✅
EURC is the largest euro stablecoin by market cap and it's dominance is growing. For the first time, it has surpassed the €90 Million mark in circulating supply.
Fueled by an incredible growth on @base – now the chain with the largest amount of… pic.twitter.com/iY3J2RStY0
— Patrick Hansen (@paddi_hansen) October 24, 2024
The current circulation of the stablecoin stands at 91.8 million, with a market capitalization estimated at $99.2 million, making it the largest euro stablecoin by capitalization. Patrick Hansen, Senior Director of EU Strategy and Policy at Circle, highlighted that EURC has surpassed the 90 million euro mark in circulating supply for the first time. This increase coincides with Circle’s adaptation to the new Markets in Crypto Assets (MiCA) regulations imposed by the European Union, becoming the first global stablecoin issuer approved under these regulations.
EURC Represents Less Than 0.1% of the Stablecoin Market
Despite its growth, the stablecoin market remains dominated by those denominated in dollars. Dollar stablecoins, such as Tether’s USDT and Circle’s USDC, represent the vast majority of the market. USDT constitutes 71% of the total, and USDC 21%. This means that while EURC’s supply has grown, it still represents less than 0.1% of the global stablecoin market, which amounts to $176.6 billion. Hansen acknowledged that while the euro is gaining traction in the crypto industry, improvements in liquidity, the number of listings, and the utility of these stablecoins are still necessary.
On the other hand, Tether’s euro-backed stablecoin, EURT, ranks second in the euro market, with a supply of 25.6 million, representing a capitalization of $27.5 million. However, its status in the EU faces uncertainty due to certain requirements of the MiCA regulations that have been deemed problematic by Tether’s executives
