What Is EURC? Circle's Euro Stablecoin and Its Rivals

EURC is Circle's euro stablecoin: a token worth one euro, backed 1:1 by euro reserves and redeemable for euros through Circle. It is issued in the European Economic Area as a regulated e-money token under the EU's MiCA rules by Circle Internet Financial Europe SAS, which is authorised as an electronic money institution by France's ACPR. On 9 October 2026, about 433 million EURC were in circulation, worth roughly $496 million, according to DefiLlama.

That makes EURC the largest euro stablecoin by a wide margin, yet it is tiny next to dollar stablecoins. This guide explains how EURC works, what MiCA compliance actually means, how it compares with other euro stablecoins such as EURCV, EURI and EURe, and why the whole euro stablecoin market is still so small.

What is EURC?

EURC is a fiat-backed stablecoin pegged to the euro. Circle, the company behind USDC, issues it under what it calls the same full-reserve model. Circle's EURC page describes it as "MiCA-compliant and redeemable 1:1 for euro", with reserves "transparently held at regulated financial institutions in the EEA with published monthly attestations."

The token used to be called Euro Coin, with the ticker EUROC. Circle renamed it EURC without changing the token contracts, so you may still see the old name on some explorers and wallets. DefiLlama's supply data for the token starts on 30 June 2022.

Because each EURC is meant to be worth exactly one euro, its dollar price moves with the EUR/USD exchange rate. On 9 October 2026 CoinGecko priced EURC at about $1.12, which simply reflects the euro trading above the dollar, not a premium on the token.

How EURC is issued and redeemed

EURC follows the standard fiat-backed model, described in our stablecoins explained guide:

1. A business with a Circle Mint account sends euros to Circle by bank transfer.
2. Circle mints the same number of EURC and sends them to the business's wallet on a supported blockchain.
3. To redeem, the business returns EURC to Circle, Circle burns them and pays out euros.

Circle's page says Circle Mint is "for qualified businesses and wholesale distributors of EURC." Individuals usually get EURC on an exchange or in a DeFi app rather than directly from Circle. Under MiCA, though, every holder of an e-money token has a legal claim on the issuer, a point covered below.

Circle publishes EURC reserve reports on its transparency page, with monthly examination reports going back to 2022 (as of 9 October 2026, the latest posted was for August 2026). Circle's EURC page says these are conducted by a Big Four accounting firm. It also notes that Circle, not the holder, bears the interest-rate risk on the reserves.

Which chains is EURC on?

On 9 October 2026, DefiLlama tracked EURC on about a dozen networks. Ethereum held the most, at roughly 317 million EURC, followed by Base at about 53 million. Smaller balances sat on Arc (Circle's own chain), Avalanche, Stellar, Tempo, World Chain and Cronos, among others. Circle's page lists additional networks it supports, so check Circle's documentation for the official contract address on each chain before you transfer.

EURC and MiCA: what "compliant" means

The EU's Markets in Crypto-Assets Regulation (MiCA) treats a stablecoin that references a single official currency as an e-money token (EMT). MiCA's stablecoin rules took effect on 30 June 2024. The next day, 1 July 2024, Circle announced that its French entity had obtained an electronic money institution licence from the ACPR and was issuing both USDC and EURC in compliance with MiCA.

ESMA's interim register of EMT issuers, last updated on 7 October 2026, lists Circle Internet Financial Europe SAS with a white paper for EURC. Being an authorised EMT has concrete consequences, set out in the MiCA text:

• Who can issue. Under Article 48, only a credit institution or an electronic money institution can offer an EMT to the public in the EU, and it must publish a white paper.
• Redemption at par. Under Article 49, holders "shall have a claim against the issuers", and the issuer must redeem "at any time and at par value."
• No interest. Article 50 bans issuers and crypto-asset service providers from paying interest on EMTs, and treats any reward tied to how long you hold the token as interest.

For the wider rulebook, see our explainer on MiCA regulation and our list of MiCA-compliant stablecoins.

Other euro stablecoins

EURC has competitors, most of them issued by European banks or e-money firms that also appear on ESMA's register. Sizes below are DefiLlama's dollar values on 9 October 2026.

A few notes on the main rivals:

• EURCV (EUR CoinVertible) is issued by SG-FORGE, the digital-assets arm of French bank Société Générale. DefiLlama tracks it on networks including Ethereum, Stellar and the XRP Ledger. It has grown fast, from about €56 million a year earlier to roughly €169 million.
• EURI (Eurite) is issued by Banking Circle, a Luxembourg-based payments bank. DefiLlama tracks it on Ethereum and BNB Chain.
• EURe is issued by Monerium, an Icelandic e-money institution that has been licensed since 2019 according to the ESMA register. DefiLlama tracks it on Ethereum, Gnosis, Polygon, Arbitrum and several other networks.

Banks are also experimenting with a related product, tokenised deposits, which are on-chain claims on a bank account rather than e-money. We compare the two in tokenized deposits vs stablecoins.

How big is the euro stablecoin market?

Small. DefiLlama put all euro-pegged stablecoins at about $0.82 billion on 9 October 2026, against about $311.6 billion of dollar stablecoins. Euro tokens are roughly a quarter of one percent of the market. EURC alone accounts for about 60% of the euro segment.

The segment is growing, though. EURC circulation roughly doubled in a year, from about 221 million on 9 October 2025 to about 433 million, and EURCV tripled over the same period.

Why are euro stablecoins so small?

There is no single cause, but several factors stand out:

• Crypto trades in dollars. Most trading pairs, lending markets and derivatives are quoted against USDT and USDC. A euro-based trader often has to convert to dollars anyway, which removes much of the reason to hold euros on-chain.
• No yield allowed. MiCA's Article 50 bans issuers and service providers from paying interest on e-money tokens. Holders get no return from the issuer, which limits demand from savers.
• Dollar demand comes from outside the US. A large share of stablecoin use is people in other countries wanting dollar exposure. There is far less equivalent demand for euro exposure.
• Fragmentation. Liquidity is split across many small issuers, chains and DEX pools, so spreads on euro pairs tend to be wider than on dollar pairs.

Regulation could shift the balance over time. MiCA makes euro tokens issued by authorised EU firms the most straightforward stablecoins for EU-regulated exchanges and brokers to offer, and US rules such as the GENIUS Act are reshaping the dollar side. For now, euro stablecoins are mainly used for euro on- and off-ramps, foreign-exchange trades against USDC, and payments between businesses.

How to get EURC

For businesses, Circle Mint converts euros to EURC and back. Individuals can buy EURC on exchanges that list it, or swap into it on decentralised exchanges on Ethereum, Base and other supported networks. A few practical checks:

• Confirm the contract address on Circle's developer documentation. Copycat tokens with similar names exist.
• Check which network the platform uses before you withdraw. Sending EURC on the wrong chain can lose the funds.
• Expect identity checks on regulated exchanges. EU crypto-asset service providers fall under anti-money-laundering rules that require customer verification, which is why exchanges ask for ID; our KYC guide explains what they collect.

JewelSwap does not issue or list EURC. Its stablecoin activity is on Sui, where a dollar suiUSDT–USDC farm runs through the Scallop lending market.

Frequently asked questions

What is EURC?

EURC is a euro-pegged stablecoin issued by Circle, the company behind USDC. Each token is backed 1:1 by euro reserves and is redeemable for euros. Circle issues it in the EEA as a MiCA-regulated e-money token through its French electronic money institution.

Is EURC MiCA compliant?

Yes. Circle Internet Financial Europe SAS holds an electronic money institution licence from France's ACPR and announced MiCA compliance for EURC and USDC on 1 July 2024. ESMA's interim register of e-money token issuers lists Circle's EURC white paper.

Does EURC pay interest?

No. MiCA Article 50 bans e-money token issuers and crypto-asset service providers from paying interest on e-money tokens, including any reward linked to how long you hold them. Any yield you see on EURC comes from third-party DeFi lending, which carries its own risks.

What is the biggest euro stablecoin?

EURC. On 9 October 2026 DefiLlama showed about $496 million of EURC in circulation, around 60% of all euro stablecoins. Société Générale-FORGE's EURCV was second at about $188 million.

Why is the euro stablecoin market so small?

Crypto trading is overwhelmingly priced in dollars, MiCA bars issuers from paying interest on e-money tokens, and global demand for dollar exposure far outweighs demand for euros. Euro stablecoins totalled about $0.82 billion on 9 October 2026, against about $311.6 billion of dollar stablecoins.

What was Euro Coin (EUROC)?

Euro Coin, ticker EUROC, was the original name of Circle's euro stablecoin. Circle renamed it EURC and kept the same token contracts, so it is the same asset under a new name.

Keep reading

• MiCA-compliant stablecoins in 2026
• What is MiCA regulation?
• Tokenized deposits vs stablecoins
• What is USDS? Sky's stablecoin explained
• Stablecoin issuers in 2026

This article is educational and isn't financial advice. Circulation figures are from DefiLlama and prices from CoinGecko as of 9 October 2026; issuer and supervisor details are from ESMA's interim MiCA register (updated 7 October 2026); legal provisions are quoted from Regulation (EU) 2023/1114 on EUR-Lex; Circle details are from Circle's website as checked on the same date.