The supply and market capitalization of EURC are driven by the strong growth of the layer-2 Base. However, EURC only contributes a small portion to the global stablecoin landscape.
The EURC stablecoin supply has reached a historic high. Image: BitPay
The supply of EURC (formerly EUROC), a stablecoin issued by Circle, has reached a new record of over $90 million - corresponding to a market capitalization of nearly $100 million.
The market capitalization of the EURC stablecoin, screenshot from CoinGecko at 10:20 AM on October 25, 2024
At the time of reporting, EURC has a circulating supply of 91.8 million and a market cap of $99.4 million. This growth momentum is being strongly driven on the Coinbase's layer-2 Base.
Patrick Hansen, Circle's EU Regional Strategy and Policy Director, said that EURC is currently the largest euro-pegged stablecoin by market capitalization and is increasingly gaining dominance. This is the first time the EURC circulating supply has exceeded 90 million euros.
Launched in June 2022, EURC quickly reached the 80 million mark in November of the same year, but then declined sharply and has only recently recovered.
Since July this year, EURC has been integrated with Base and this layer-2 network also has the largest EURC stablecoin supply (44.5 million EURC), with Ethereum in second place (40 million EURC). Additionally, users can find EURC on other networks such as Avalanche, Solana and Stellar.
EURC has increased by more than 2.5 times since Circle became the first stablecoin issuer to be licensed under the new European Union Crypto-Asset (MiCA) regulations in July.
Tether's EURT, a euro-pegged stablecoin, is second to EURC, with a supply of 25.6 million and a market capitalization of $27.5 million. However, EURT still lacks clear legal status in the EU. Tether CEO Paolo Ardoino has also expressed concerns about MiCA.
Since the implementation of some MiCA regulations in June, compliant stablecoins like Circle's EURC and Société Générale's EURCV have "invaded" the euro stablecoin market, according to Kaiko Research.
Although EURC has made recent progress, US dollar-pegged stablecoins still dominate the crypto community. The EURC supply accounts for less than 0.1% of the $176.6 billion global stablecoin market.
The throne belongs to Tether's USDT, accounting for 75% of the stablecoin market (126.1 billion USD in supply), followed by Circle's USDC with 21% market share and 36.9 billion USD in supply.
Total supply of the leading stablecoins in the market. Source: The Block
In summary, Mr. Patrick Hansen acknowledged:
"The euro is finally starting to attract attention on the blockchain, but it still needs more liquidity, more listings, and more utilities."
Compiled by Coin68
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