EURC is Circle's euro-pegged stablecoin, redeemable 1:1 for euros and issued under MiCA's E-Money Token (EMT) regime by Circle Mint Europe SAS, an electronic money institution authorized by France's Autorité de contrôle prudentiel et de résolution (ACPR). Launched in 2022 as Euro Coin and rebranded EURC in 2024, it is the largest MiCA-compliant euro stablecoin by circulating supply.
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EURC is a fully reserved, MiCA-regulated euro stablecoin issued by Circle Mint Europe SAS, with each token backed 1:1 by euro-denominated cash and short-duration sovereign assets held at regulated European banks. It trades onchain across Ethereum, Solana, Avalanche, Base, and Stellar, and is redeemable for fiat euros through Circle Mint.
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EURC is issued by Circle Mint Europe SAS, a French subsidiary of Circle Internet Financial. ACPR granted Circle Mint Europe an electronic money institution (EMI) license on July 1, 2024, the same day MiCA's stablecoin provisions took effect. Under MiCA, EURC is classified as an E-Money Token, the strictest of the three MiCA stablecoin categories, requiring 1:1 par-value redemption, full reserve segregation, and ongoing prudential supervision.
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Circle is the only major U.S. stablecoin issuer that obtained an EMI license in time for the June 30, 2024 MiCA deadline. Tether (USDT) and most other issuers were delisted from regulated EU venues that year, leaving EURC, EURS, EURI, and EUROe as the dominant compliant euro options.
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Per DeFiLlama, EURC circulating supply sits in the low-to-mid hundreds of millions of euros as of mid-2026, making it the largest MiCA-compliant euro stablecoin by some distance. Growth accelerated through 2025 as European venues and onchain protocols delisted non-compliant euro tokens and routed liquidity into EURC.
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Supply distribution skews toward Ethereum and Solana, with Base growing fastest thanks to native Coinbase integration. Stellar hosts a smaller but active EURC float used heavily by remittance partners.
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EURC is natively issued by Circle on five chains:

Cross-chain transfers between supported networks use Circle's Cross-Chain Transfer Protocol (CCTP) V2, which burns EURC on the source chain and mints a fresh native EURC on the destination, avoiding wrapped or bridged variants.
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Under MiCA Article 36, EMT reserves must be 1:1 in value, segregated from issuer assets, and held in highly liquid, low-risk instruments. Circle's monthly attestation reports, published by Deloitte and available on circle.com, break down EURC reserves into:

At least 30% of EMT reserves must sit in cash deposits at MiCA-eligible banks per Article 36(1), with caps preventing over-concentration at a single institution. EURC reserves are segregated from USDC reserves and from Circle's corporate balance sheet.
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The four MiCA-authorized euro stablecoins differ on issuer type, jurisdiction, and chain coverage. EURC is the largest and most multichain. EURS (Stasis) is the oldest, with deep DeFi integrations on Ethereum. EURI (Banking Circle) is the only bank-issued euro stablecoin, giving it the strongest balance-sheet profile. EUROe (Membrane Finance) is the smallest but was the first EMT to ship after MiCA went live.

All four are E-Money Tokens, not Asset-Referenced Tokens, meaning each is referenced to a single fiat currency (the euro) rather than a basket.
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Direct minting and redemption goes through Circle Mint, Circle's institutional onboarding product. Approved business clients in the European Economic Area wire euros to Circle Mint Europe, which mints EURC to a designated onchain address. Redemption reverses the flow, with EURC burned and euros wired back. Retail users typically access EURC through exchanges (Coinbase, Kraken, Bitstamp), payment apps, or DEXs rather than minting directly.
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EURC sees production usage in four buckets:

EURC carries the same regulatory protections as any MiCA E-Money Token: 1:1 par-value redemption guaranteed by EU law, segregated reserves, monthly attestations, and ACPR supervision of the issuer. Risks that remain include smart-contract risk on each deployed chain, depeg risk during liquidity crunches (EURC briefly traded a few basis points below par during the March 2023 banking stress), and counterparty exposure to the European banks holding reserve cash.
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Circle publishes a public proof-of-reserves portal showing EURC reserves on a near-real-time basis, alongside monthly Deloitte attestations.
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Yes. Circle's Cross-Chain Transfer Protocol V2 supports native EURC burn-and-mint transfers between Ethereum, Avalanche, Base, and Solana. Stellar EURC is bridged separately via Circle's Stellar gateway. CCTP V2 routes typically settle in under 20 seconds with no slippage and no wrapped token risk, which is why Eco Routes and other intent-based payment systems standardize on CCTP for cross-chain euro flows.
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Supply figures: DeFiLlama (defillama.com/stablecoin/euro-coin). Issuer authorization: ESMA's MiCA register and ACPR's REGAFI registry confirming Circle Mint Europe SAS as a licensed EMI. Reserve composition and proof-of-reserves: Circle's monthly attestation reports at circle.com/transparency. Chain coverage and CCTP details: Circle developer documentation at developers.circle.com. MiCA classification rules: Regulation (EU) 2023/1114 Articles 36-47.
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