In the last thirty days, Circle’s EURC stablecoin, pegged to the euro, has experienced extraordinary growth, increasing its supply by 43% and reaching a record figure of 246 million dollars. This increase marks a decisive moment for euro-denominated digital assets, in an increasingly unstable global economic context and with a United States dollar losing trust.
Growing dominance of Circle’s EURC stablecoin
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The digital currency EURC, introduced by Circle, is today the euro stablecoin with the largest market capitalization, surpassing Paxos USDG but remaining below RLUSD launched by Ripple. Such a marked growth reflects a transformation in the perception of global investors: the need to diversify and the growing interest in digital currencies alternative to the dollar is opening new spaces for euro-denominated assets.
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The data shows that the Ethereum network continues to be the main infrastructure for the use of EURC, with a circulating amount of 112 million tokens, growing by 35% in just one month. However, it is on the Solana network that the stablecoin has shown the fastest expansion, recording a +75% to reach 70 million tokens. Base, the layer-2 solution of Ethereum developed by Coinbase, has also seen the presence of EURC grow by 30%, reaching 30 million units.
Economic uncertainty and European currency on the rise
The strengthening of the EURC is largely attributed to a growing concern among investors and industry operators regarding the role of the US dollar. With the return of protectionist trade policies linked to the Trump administration and the intensification of the debate on potential new tariffs, the fear of a recession in the USA has begun to resonate in the financial markets.
In recent months, the dollar has lost about 9% of its value compared to the euro, a decline due not only to political changes but also to uncertainty about the future of the supremacy of the U.S. currency as a global exchange currency.
According to Xapo Bank, a financial institution based in Gibraltar specializing in Bitcoin and digital currencies, euro deposits grew by 50% in the first quarter of the year, far surpassing the growth of deposits in USDC (+20%). In contrast, deposits in Tether (USDT) experienced a decline of more than 13%. This shift highlights a clear preference for European currencies in digital format.
On-chain activity and trading volumes on the rise
In addition to the growth in supply, the EURC has also seen a significant increase in on-chain activity. Active wallets have risen by 66%, reaching 22,000, while monthly transfer volumes have exceeded 2.5 billion dollars, up by 47%. These numbers confirm a growing interest and the increasingly decisive inclusion of the stablecoin in the circuits of decentralized finance.
The data reported by Blockworks indicates that the exchanges between stablecoins in different currencies, conducted on decentralized platforms based on Ethereum, have reached record levels. In particular, the euro–US dollar pair has dominated the market, marking a change in trend in the trading habits of crypto users.
MiCA, Tether and the favorable regulatory context
Another crucial element that has favored the expansion of EURC is the retreat of Tether from the euro-pegged stablecoin market. With the entry into force of the new MiCA regulation (Markets in Crypto Assets) of the European Union, many companies have chosen to avoid regulatory risk, abandoning the field of European digital currencies. Among these stands out Tether, which has withdrawn its major rival EURT.
Furthermore, some cryptocurrency exchanges, including the giant Binance, have decided to delist the USDT token for European users, further contributing to directing demand towards the only euro-compliant token: Circle’s EURC. This regulatory positioning has given EURC a strategic competitive advantage in the European market.
American dominance continues, but competition is growing
Despite the favorable moment, the stablecoin EURC remains significantly below the levels of its counterparts pegged to the dollar. In the global stablecoin market, today dominated by 99% by tokens linked to the US dollar, EURC represents only a small fraction. The giants of the sector remain Circle’s USDC, with a capitalization of 58 billion dollars, and especially Tether’s USDT, which reaches 143 billion.
However, it is impossible to ignore the signals emerging from the market: the surge in demand, the fragile macroeconomic situation in the United States, and a clearer European regulatory environment are creating a scenario in which euro stablecoins can finally find space and consolidate their presence.
A scenario to keep an eye on
The explosive growth of EURC in just one month could represent the beginning of a new phase in the digital currency landscape. The global context, in fact, is slowly closing the era of the all-powerful dollar to welcome a greater currency diversification even in the world of digital assets. If these trends continue, Circle could find itself at the center of a euro-centric market in full expansion.
In summary, the growing adoption of the EURC highlights both a changed strategy of international investors and the solidity of a European regulation that, although stringent, offers a framework of trust for operators, developers, and end users. With trades sharply increasing, robust infrastructures, and a real interest in the euro in digital format, the coming months could see an even more significant growth for the EURC stablecoin.
