Overview
EURC (Euro Coin) is a Euro-pegged stablecoin issued by Circle, the same company behind USDC. Each EURC is fully backed 1:1 by Euro-denominated reserves held in regulated financial institutions. Circle provides regular attestations of reserves through independent accounting firms, applying the same transparency standards as USDC.
The Euro stablecoin market is significantly smaller than its USD counterpart, but is expected to grow as European regulations (MiCA) create clearer frameworks for stablecoin operations. Circle has positioned EURC to be MiCA-compliant, potentially giving it a regulatory advantage over competitors as EU enforcement strengthens.
EURC is available on multiple chains including Ethereum, Avalanche, and Solana. Adoption is growing but remains small — the total Euro stablecoin market is a tiny fraction of the USD stablecoin market. DeFi integration is limited compared to USDC, with fewer protocols supporting EURC pools and vaults.
Risk Factors
- Euro stablecoin market is very small compared to USD stablecoins
- Centralized issuer — Circle can freeze and blacklist addresses
- Limited DeFi integration compared to USDC and USDT
- Regulatory changes in EU could impact operations despite current compliance
Conclusion
EURC benefits from Circle's credibility and the best-in-class reserve backing model. The 3.8 score reflects excellent collateralization and peg stability against limited adoption and the inherent centralization of a corporate-issued stablecoin. As Euro stablecoin demand grows, EURC is well-positioned.