EURC (EURC)

What EURC is

EURC is a euro-denominated stablecoin issued by Circle. Circle describes it as "a fully backed euro stablecoin" and "the leading euro stablecoin for crypto capital markets," redeemable one-for-one for euro (source: Circle, EURC product page, read September 2026). It is the euro counterpart to USDC, issued by the same company under the same reserve and attestation practices.

The issuing entity for EURC is Circle Internet Financial Europe SAS, which Circle describes as a licensed electronic money institution authorized under the European Union's Markets in Crypto-Assets regulation in the European Economic Area. That matters more than it might sound: a euro stablecoin sold into the EEA falls under mica as an e money token, and the licence is what makes it distributable there.

For where to buy EURC from your country or state, see the availability tables on this site and the venues listed at Exchanges.

How it works

EURC is a fiat backed stablecoin. It holds no crypto collateral, runs no algorithmic stablecoin mechanism and takes no leverage. Circle states the reserve model in one line: EURC is backed "100% by euro," with reserves held at "regulated financial institutions in the EEA," and cash also maintained at United States financial institutions. Circle's transparency disclosures describe EURC reserves as consisting of deposits at systemically important institutions and other bank deposits (source: Circle transparency page, data as of August 31, 2026).

That composition is worth comparing to USDC's, which Circle describes as including overnight reverse treasury repos, short-term treasuries under three months, and the Circle Reserve Fund, a BlackRock-managed money market fund registered with the Securities and Exchange Commission. EURC's reserve, as disclosed, is bank deposits rather than a securities portfolio. The two carry different risk shapes: a deposit is exposure to a bank, a treasury bill is exposure to a sovereign issuer.

Minting and redemption run through Circle Mint, which Circle describes as available to qualified businesses and wholesale distributors rather than to the general public. A retail holder therefore acquires EURC on the secondary market, from an exchange or a decentralized venue, and the one-for-one redemption right sits with the institutional distributors upstream. This is the standard structure for regulated fiat-backed stablecoins, and it is why the market price can move a little from parity without the peg being broken: the arbitrage that restores parity is performed by the institutions with direct redemption access.

Circle publishes a circulation figure alongside its reserve disclosures. As of August 31, 2026 there were €390.6 million EURC in circulation (source: Circle, EURC product page).

Supply and tokenomics

EURC has no issuance schedule, no cap and no emission. Supply expands when a Circle Mint customer deposits euro and contracts when one redeems, so the token count is a function of demand rather than of a protocol rule.

Circle lists the chains EURC is issued on as Avalanche, Base, Cronos, Ethereum, Plasma, Solana, Stellar and World Chain, each using that network's fungible token standard. Each deployment is a separate contract, and the euro backing sits behind the aggregate rather than behind any one chain's balance.

History

EURC was launched under the name EUROC and later renamed. Circle's attestation archive reflects that: reports run from June 2022 to July 2026, published under the earlier name and then the current one, which is a useful detail when checking the history rather than only the latest report.

The regulatory arc is the more consequential part of its history. MiCA's rules for e-money tokens applied from June 2024, and Circle states that it applied for the licences required to become an electronic money institution in France ahead of that date. A euro stablecoin without that authorization cannot be offered to EEA users by regulated venues, which is why several euro stablecoins were delisted across European exchanges in that period while others were not.

Risks and what to watch

Reserve composition is the risk to watch most closely, and it is specific to EURC rather than generic. Circle discloses EURC reserves as bank deposits, which means the token's backing carries bank counterparty risk rather than the short-duration sovereign exposure that dominates USDC's reserve. Deposit insurance limits do not scale to reserve-sized balances.

Redemption access is indirect for almost everyone. Circle Mint serves qualified businesses and wholesale distributors, so a retail holder's exit is the secondary market. In stressed conditions that is where any depeg shows up first, and where it stays until institutional arbitrage closes it.

Chain and bridge risk applies per deployment. EURC on eight networks means eight contracts, and a problem on one is not covered by the reserve behind the others.

Regulatory availability changes. MiCA's e-money token rules govern who may offer EURC to EEA users and under what conditions, and venue listings shift with licensing. Availability by jurisdiction is tracked on this site's exchange and jurisdiction pages rather than here.

Frequently asked questions

Who issues EURC?

Circle, through Circle Internet Financial Europe SAS, which Circle describes as a licensed electronic money institution authorized under MiCA in the European Economic Area.

What backs EURC?

Euro reserves. Circle states EURC is backed "100% by euro," held at regulated financial institutions in the EEA with cash also at United States institutions, and its transparency disclosures describe the reserve as bank deposits.

Is EURC audited?

Circle publishes monthly attestation reports from a Big Four accounting firm under AICPA attestation standards, confirming reserves exceed tokens in circulation. Separately, Deloitte & Touche LLP has audited Circle's financial statements since fiscal 2022. An attestation and an audit are not the same thing.

Can I redeem EURC for euro directly?

Only through Circle Mint, which Circle says serves qualified businesses and wholesale distributors. Individual holders buy and sell on the secondary market, where price can move slightly from parity.

Where can you buy EURC?

Availability depends on your country or US state, and euro stablecoin listings in the EEA depend on MiCA authorization. See where to buy EURC for the exchanges serving your jurisdiction, and Exchanges to compare fees, kyc requirements and payment methods.