Circle's EURC has more than doubled its supply since August, becoming the most widely circulated Euro-based stablecoin.
Expansion of EURC Supply
Circle's EURC supply expanded, reaching levels not seen since 2022. The asset's supply grew from a market capitalization of $36 million to above $75 million.
Support from Decentralized Swaps
Circle launched EURC this July with the aim to populate Base with a transparent fiat-backed asset. A significant portion of EURC activity is concentrated on Aerodrome DEX, where the locked value reached $1.114 billion. EURC is also traded as a tool to move between various DeFi protocols.
Compatibility and Financial Reserves
EURC exhibits broad compatibility with various decentralized apps, with reserves backed by fiat assets. As of September 2024, EURC's reserves stand at $60.9 million, exceeding the circulating supply of 60.1 million tokens.
Circle's EURC has become a viable alternative to other stablecoins, especially amid new MiCA regulatory requirements.
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