Circle’s EURC Stablecoin Hits Record Supply as Global Traders Pivot Away from Dollar

Circle’s euro-backed stablecoin, EURC, has reached a new milestone, expanding its total supply by 43% in the past month to 217 million tokens, equivalent to $246 million in value. The surge reflects rising global demand for alternatives to dollar-denominated digital assets amid ongoing U.S. trade friction and a steadily weakening greenback.

Ethereum remains EURC’s primary network, with 112 million tokens in circulation—up 35% month-over-month. However, Solana saw the most dramatic growth, posting a 75% increase to 70 million tokens. Coinbase’s Base network also logged a notable 30% gain, pushing its EURC supply to 30 million tokens.

On-chain activity surged alongside the token’s expansion, with the number of active wallets jumping 66% to 22,000 and monthly transfer volumes rising to $2.5 billion—marking a 47% increase, according to data from RWA.xyz.

Despite its rapid growth, EURC remains a small player in the broader stablecoin landscape dominated by dollar-pegged assets. Dollar stablecoins still represent 99% of the market, led by Tether’s USDT ($143 billion) and Circle’s own USDC ($58 billion).

Still, the momentum behind EURC suggests a rising appetite for currency diversification, especially in light of the euro’s 9% gain against the dollar since the start of 2025. The Trump administration’s aggressive new tariff policies and concerns of an impending U.S. recession have added to the shift in sentiment.

Xapo Bank, a Gibraltar-based financial firm focused on Bitcoin services, reported that euro deposits jumped 50% in Q1—more than double the 20% growth in USDC deposits. Meanwhile, deposits in Tether’s USDT fell by 13%.

“This shift in capital flows reflects growing unease around the U.S. dollar’s long-term outlook,” Xapo noted in a report. “Investors are turning to euro-based digital assets as a hedge against political and economic uncertainty.”

Adding to EURC’s momentum is the regulatory shift in Europe. With the EU’s MiCA regulations coming into effect, Tether has withdrawn its EURT stablecoin, and platforms like Binance have delisted USDT for EU users. These moves have positioned EURC as the go-to option for euro-based stablecoin exposure.

Ethereum-based decentralized exchanges also saw a spike in EUR/USD stablecoin swaps last week, reaching multi-year highs as traders moved to capitalize on currency volatility in decentralized markets.