EURC is a euro-backed stablecoin issued by Circle that maintains a 1:1 peg with the euro through a full-reserve model, providing a digital representation of the euro on blockchain networks. ^[1]

Overview

EURC is a fiat-backed stablecoin issued by Circle and pegged to the euro at 1:1. It follows a full-reserve model, with all tokens backed by euro-denominated assets held at regulated financial institutions within the European Economic Area. These reserves are regularly audited and publicly reported, with third-party verification provided by Grant Thornton LLP.

The token was first launched on Ethereum as an ERC-20 token and has since expanded to blockchains including Solana, Avalanche, Base, Stellar, and Polygon. EURC complies with the Markets in Crypto-Assets Regulation (MiCA), ensuring regulatory alignment in the EU.

EURC facilitates euro-denominated liquidity in crypto markets, serving as a stable pair for trading and a store of value during volatile conditions. It is active on centralized and decentralized exchanges and supports decentralized finance (DeFi) activities and peer-to-peer transfers without requiring access to traditional financial systems. ^{[1] [10]}

History

EURC is a euro-backed stablecoin issued by Circle, a financial technology company founded in 2013 by Jeremy Allaire and Sean Neville. Circle was among the first to receive a “BitLicense” from the New York Department of Financial Services in 2015, enabling it to operate regulated digital asset services in New York.

Initially focused on peer-to-peer fiat payment solutions, Circle later offered cryptocurrency wallets and investment services, which were eventually discontinued. The company shifted its focus toward stablecoins, launching USDC in 2018 on Ethereum. USDC expanded to several blockchains, including BNB Chain, Polygon, Avalanche, and Solana.

Circle introduced Euro Coin (EURC) on Ethereum in June 2022, marking its entry into euro-denominated stablecoins. By early 2023, EURC had surpassed €25 million in market capitalization. ^[10]

Features

EURC supports multi-chain transfers and conversions via Circle Mint, enabling interoperability across supported networks. When paired with other stablecoins like USDC, it is commonly used in decentralized finance (DeFi) for euro-based trading, lending, borrowing, and real-time foreign exchange markets. Businesses can use EURC for euro-denominated financial services, fast cross-border payments, and storing value in euros. Its smart contract structure follows the same framework as USDC, simplifying integration for developers building applications on supported blockchains. ^{[2] [6]}