EURC Stablecoin Sees 43% Surge to Historic High as Dollar Issues Propel Demand

EURC Stablecoin Soars to All-Time High Amid Dollar Weakness and Regulatory Tailwinds

Circle’s euro-pegged stablecoin EURC is gaining significant traction, notching a 43% supply increase over the past month to reach a record 217 million tokens—worth approximately $246 million. The sharp rise comes as global investors grow wary of the U.S. dollar amid trade turbulence and turn to euro-denominated alternatives.

Data from RWA.xyz shows Ethereum continues to host the majority of EURC supply, climbing 35% to 112 million tokens. Solana, however, led the growth with a 75% spike to 70 million, while Base—Coinbase’s Ethereum Layer 2—rose 30% to 30 million.

EURC’s surge also coincides with a major uptick in usage metrics: active wallet addresses have soared by 66% to 22,000, and monthly on-chain transfer volumes now exceed $2.5 billion—marking a 47% month-over-month increase.

Although EURC trails far behind dominant dollar-based stablecoins like USDC ($58B) and USDT ($143B), it has become the top euro-backed stablecoin in circulation. Analysts say its growth reflects a shifting appetite for digital assets denominated in currencies other than the dollar, especially as the greenback has weakened 9% against the euro since January.

“Investors are clearly seeking a hedge,” said analysts at Xapo Bank, which reported a 50% rise in euro deposits in Q1—outpacing USDC’s 20% growth. USDT deposits, meanwhile, slumped over 13%, indicating waning preference for dollar-based exposure.

Much of the momentum is being fueled by macroeconomic uncertainty, including fears of a U.S. recession and geopolitical volatility tied to the Trump administration’s sweeping tariff strategy. Xapo linked the EURC uptick directly to these developments in its latest report.

Regulatory factors are also playing a role. The EU’s new MiCA regulations prompted Tether to withdraw its euro-pegged EURT stablecoin. Simultaneously, exchanges like Binance moved to delist USDT for EU-based users—giving EURC a clearer runway for adoption in the region.

Decentralized exchanges are echoing this trend: swap volumes between euro and U.S. dollar stablecoins recently hit multi-year highs on Ethereum, according to Blockworks.

With market sentiment tilting toward diversification and stability, EURC appears well-positioned to keep gaining ground in the evolving global stablecoin landscape.

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