Circle’s Euro Stablecoin Hits Record Supply Amid Dollar Weakness, Trade Turmoil
Circle’s euro-backed stablecoin, EURC, has seen explosive growth in recent weeks, with its total supply jumping 43% to an all-time high of 217 million tokens—valued at approximately $246 million—as global investors seek alternatives to the weakening U.S. dollar.
According to data from RWA.xyz, EURC’s expansion places it ahead of Paxos’ USDG in market cap, trailing only Ripple’s RLUSD among the top non-dollar stablecoins. Most of the EURC supply remains on Ethereum, where it grew 35% to 112 million tokens. However, the fastest acceleration was on Solana, which saw a 75% surge to 70 million tokens. Coinbase’s Base network also recorded a 30% jump, now hosting 30 million EURC tokens.
On-chain activity has kept pace with supply growth. Active addresses using EURC climbed 66% to 22,000 over the past month, while monthly transaction volumes spiked 47% to over $2.5 billion.
Despite EURC being the largest euro-denominated stablecoin, it remains a small player compared to its dollar-pegged counterparts. U.S. dollar-backed stablecoins still dominate, accounting for 99% of the overall market, led by Circle’s $58 billion USDC and Tether’s $143 billion USDT.
Still, the momentum behind EURC may reflect shifting investor sentiment. With the Trump administration escalating trade tensions and launching sweeping tariffs, the dollar has lost nearly 9% against the euro this year, prompting increased interest in euro-denominated digital assets.
Xapo Bank, a crypto-friendly financial institution based in Gibraltar, reported a 50% increase in euro deposits in Q1—more than double the 20% rise in USDC deposits and a stark contrast to the 13% decline in USDT holdings. The bank cited growing concerns about the U.S. dollar’s global dominance and fears of a recession.
“The recent surge came amid rising unease over the future of the dollar and growing anticipation of Trump’s so-called ‘Liberation Day’ in April,” Xapo noted in its report.
Meanwhile, EURC appears to be gaining ground from rivals. Tether’s decision to sunset its euro stablecoin, EURT, in response to the European Union’s new MiCA regulatory framework, has opened up market share. Major exchanges have also begun delisting USDT for EU customers, with Binance removing the token in late March.
Additionally, stablecoin swap volumes between the euro and the U.S. dollar on Ethereum-based DEXs have hit multi-year highs, signaling rising demand for euro-denominated liquidity in the DeFi ecosystem.
