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- EURC supply surged 43% to a record 217 million tokens.
- Rising demand follows dollar uncertainty and tighter U.S. trade policy.
- Ethereum leads in EURC activity; Solana and Base see rapid growth.
Circle euro-backed stablecoin, EURC, has reached its highest-ever supply. Data from RWA.xyz shows a 43% jump over the past month. The total supply now stands at 217 million tokens, valued at $246 million.
Ethereum is the largest network for EURC and contains 112 million tokens, up by 35% this month. Solana ranks second, growing at a high rate, to increase its EURC supply by 75% to contain 70 million tokens. Base, the Ethereum layer-2 solution built by Coinbase, increased by 30%. It contains 30 million tokens.
The rise in usage was accompanied by a strong increase in user activity. Active addresses increased by 66% to reach 22,000. On-chain transfers also increased. Monthly volume reached $2.5 billion, a 47% increase from the last month.
Circle Grows in Europe as Binance Cuts USDT
The change comes in the context of increased uncertainty about the U.S. economy. Fears of a diminishing dollar due to trade policies and political uncertainty have triggered a trend towards euro-denominated assets. Both investors and users of cryptocurrency alike are reconsidering their dollar-based stablecoin dependence.
Xapo Bank showed a 50% increase in euro deposits during the beginning of the year. USDC deposits increased by a mere 20%. USDT deposits declined by more than 13%. These figures indicate a new trend in preference. The euro is on the rise in the crypto markets, in which the dollar once dominated in a nearly uncontested fashion.
Tether’s departure from the euro stablecoin market also contributed to it. With the EURT removed from the market, the EURC rapidly filled the void. Rule changes in the European Union increased many of the issuers’ compliance burden. Exchanges like Binance have since removed USDT in favor of EU users. This provided EURC the opportunity to grow.
EURC Hits $246M, Trails Far Behind USDT and USDC
Even though it is growing robustly, EURC is minuscule compared to dollar-pegged stablecoins. The euro coin currently tops euro-backed counterparts but accounts for a mere fraction of the global market in stablecoins. Dollar-based coins retain a market dominance of 99%.
Circle’s USDC holds the top spot with $58 billion. Tether’s USDT is the reigning champion at $143 billion. In comparison, EURC’s $246 million is small fry. Nevertheless, its increase is noteworthy. It now stands behind Paxos’ Global Dollar and Ripple’s RLUSD. Decentralized exchange stablecoin swaps also indicate something.
Volumes in euro and dollar pairs have skyrocketed. Ethereum-based exchanges saw a spike during the last week, levels not seen in years. Prospects look bright towards more growth in the future. If the market trends continue, EURC can potentially solidify its place in global virtual finance.
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