The Euro-based stablecoin EURC, launched by Circle, has experienced significant growth in its supply, making it the most widely circulated Euro-based stablecoin. EURC's supply has more than doubled since August, returning to levels not seen since 2022. The asset's supply expansion has seen its market capitalization increase from $36 million to over $75 million. EURC trades at a slight premium compared to the exchange rate, with 1.12 USDC per coin compared to $1.11 per Euro. The asset is represented on centralized exchanges like Binance and Coinbase.

EURC is active on the Aerodrome Slipstream pair, a high-throughput DeFi trading mechanism, with over 62% of activity concentrated on this pair. The asset is compatible with most lending and trading protocols and is available on various chains, including Polygon, Solana, Stellar, Avalanche, and Internet Computer. EURC aims to serve as an on-chain forex trading tool and an onboarding tool for Base users.

EURC has around 3,500 holders on the Ethereum blockchain, with most tokens held by whales or protocols. On Base, there are around 2,222 holders, with a significant portion of the supply locked with protocols. EURC still lags behind USDC in terms of supply, with USDC having 3.98 billion tokens on Base. However, EURC has grown in importance since July 2024 and aims to fully replace other stablecoins.

The asset is fully compatible with the Markets in Crypto-Asset Regulation (MiCA) and is partially covered by reserves in banks and the Circle Reserve Fund. Circle has obtained an Electronic Money Institution (EMI) license in France and is exploring partnerships with Euro Area banks as reserve-holders. EURC is also targeted towards businesses, with access to Circle Mint for swapping EUR into tokens and vice versa.

As of September 26, the EURC token reported reserves of $60.9 million, exceeding the tokens in circulation. The supply of EURC has seen a net growth of 7.3 million tokens in the past month. USDC, another stablecoin, has also expanded its supply in September by 1.9 billion tokens.



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