EURC review

Overview

EURC is a euro stablecoin issued by Circle, the company behind USDC. It launched in 2022 (originally as EUROC) and is designed to always be worth €1.

Since the EU’s MiCA rules took full effect in December 2024, exchanges in the EU have favored compliant stablecoins. Tether’s euro coin was withdrawn, and EURC grew quickly: it passed €400 million in circulation in August 2026, roughly double a year earlier, making it the largest euro stablecoin with around half of that market.

How it works

• Each EURC is backed by euro reserves held with banks and in short-term instruments.
• Circle holds an e-money license in France, allowing it to issue EURC under MiCA across the EU.
• Businesses can create and redeem EURC for euros with Circle; everyone else trades it on exchanges.
• EURC runs on Ethereum, Solana, Base, Avalanche, Stellar and other chains.

The EURC token

Because EURC tracks the euro, its value in US dollars moves with the EUR/USD exchange rate.

Risks

• Small market. Euro stablecoins are a tiny fraction of the dollar stablecoin market, so liquidity is thinner.
• Competition. A group of nine European banks, including ING and UniCredit, plans its own MiCA-compliant euro stablecoin for late 2026; Société Générale already has one.
• Freezing and issuer risk. Circle can freeze EURC, and holders depend on its operations.

EURC vs. the competition

Our verdict

EURC is the most established, regulated way to hold euros on a blockchain, and it is growing fast under MiCA. For Europeans who want to stay in euros while using crypto, it is a sensible tool, not an investment.

This review is for information only and is not financial advice.