How EURC holds its peg

EURC is Circle's euro stablecoin, issued in France under the EU's MiCA rules. Like USDC it has no blockchain of its own: tokens are created when euros reach Circle and destroyed when they leave, and each transfer is only as final as the chain it happens on.

Read how it works

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Just minted and burned

    EURC tokens euros, into and out of the reserve tokens being burned Circle's cross-chain attestation a chain's ledger flashes as it settles EURC reserve: euro cash at banks
    Supply by chain Reading supplies…
    How this is read

    Each chain's raw on-chain supply, read from a public node every 10 to 60 seconds. Circle's own "in circulation" figure is lower: it subtracts tokens that exist on Solana but haven't been issued to anyone (63.5 M on August 31, 2026). Use the arrow keys to read each row.

    EURC supply on each chain
    ChainSupplyShareRead at
    Minted and burned
    • minted, up
    • burned, down

    Use the left and right arrow keys to read each column. In live mode each column is five minutes, covering the last 3 hours 20 minutes; the columns before you connected include only Ethereum, Base and Avalanche.

    EURC minted and burned in each recent period
    PeriodMintedBurnedNet
    What just happened (illustrative) 0 EURC in circulation 0 in reserve 0 minted 0 burned 0 chains shown

      The parts that make this work

      A euro token from a dollar-token issuer

      EURC is a token that Circle promises to redeem for one euro. It works exactly like USDC, Circle's dollar coin: same kind of contracts, same mint and burn model, same monthly examinations. What differs is the currency, the size and the law. USDC is about 190 times larger and is backed mostly by US Treasury repo and bills; EURC is backed by euro cash alone, and its home regulator is in Paris, not Washington.

      Circle launched it as Euro Coin (ticker EUROC) on Ethereum on June 30, 2022, and later renamed it EURC without changing the contract. Since July 1, 2024 it has been issued and redeemed by Circle's French subsidiary, Circle Internet Financial Europe SAS, under an electronic money institution licence from France's banking supervisor, the ACPR.

      What MiCA requires of a euro stablecoin

      The EU's Markets in Crypto-Assets Regulation (MiCA) calls a stablecoin that tracks one official currency an e-money token. Its stablecoin rules apply from June 30, 2024. Only a bank or a licensed e-money institution may issue one in the EU, with a published white paper. Holders have a claim on the issuer and must be able to redeem at par, at any time, without a fee. The issuer may not pay interest on the tokens.

      The money received has to be safeguarded in the same currency: at least 30 % in separate accounts at credit institutions (60 % if the European Banking Authority classes the token as significant), and the rest in secure, low-risk assets. EURC's reserve is all bank deposits, so it sits well above either floor. MiCA also caps everyday payment use of e-money tokens tied to non-EU currencies, such as USDC; that cap doesn't apply to a euro token.

      Minting and redeeming

      Only businesses with a Circle Mint account deal with Circle directly. They send euros and receive newly minted EURC on the chain they choose, or send EURC back and receive euros, one for one. Everyone else gets EURC from those customers: exchanges, wallets and payment apps. That arbitrage holds the price near a euro: if EURC trades below €1, Mint customers can buy it and redeem it at par.

      On EVM chains a mint shows up on-chain as a transfer from the zero address and a burn as a transfer to it, which is how live mode spots them.

      What backs each token

      Circle publishes an EURC Reserve Report every month, examined by Deloitte & Touche LLP. On August 31, 2026 at 11:59 pm UTC it reported 390,534,293 EURC in circulation against reserves with a fair value of €393,284,908, all held in segregated accounts with regulated financial institutions on behalf of EURC holders.

      EURC reserve, August 31, 2026
      Held inEuros
      Cash held at regulated financial institutions395,424,211
      Owed to Circle for timing and settlement differences, net−2,139,303
      Total reserve393,284,908

      Circulation is the raw supply on the nine chains Circle issues on, 454,011,923 EURC, less 63,477,630 tokens that exist on Solana but haven't been issued to anyone. No tokens were frozen. These figures are not on-chain: live mode shows them as they were reported, not as they are now.

      Source: EURC Reserve Report, August 2026 (PDF, published September 29, 2026).

      A transfer is only as final as its chain

      Circle takes no part in an ordinary transfer. An EURC transfer on Ethereum is settled like any other Ethereum transaction: included in a block, then final after about two epochs of validator attestations. On Solana it's final when the slot is finalised, on Avalanche by its own consensus, on Stellar when the ledger closes. Base and World Chain are rollups that settle to Ethereum later. Arc, Circle's own chain, went live publicly on September 16, 2026.

      CCTP: moving between chains

      Circle's Cross-Chain Transfer Protocol moved only USDC until September 2, 2026, when Circle added EURC, starting with Ethereum and Base; by late September it listed EURC routes between Arc, Avalanche, Base, Ethereum and World Chain. The mechanics are USDC's: burn on the source chain, an attestation from Circle, a mint on the destination. So some of the mints and burns in live mode are EURC changing chains, not euros entering or leaving the reserve.

      What live mode shows

      Live mode reads all nine chains EURC is issued on, straight from public nodes, and adds up their supply every 10 to 60 seconds. On Ethereum it reads every new block's EURC transfers, which gives the transfer rate and every mint and burn. On Base, Arc and Avalanche it polls for mints and burns every 12 seconds. On Stellar, World Chain, Cronos and Plasma it shows a change in supply between two readings as a net mint or burn. EURC is minted or burned on Ethereum roughly once an hour, so the chart uses five-minute columns and, on connecting, reads the last 3 hours 20 minutes on Ethereum, Base and Avalanche. The live total is raw supply, so it includes Solana's unissued tokens; the reserve comes from Circle's latest monthly report and is labelled with its date.

      What the animation simplifies

      The reserve is drawn as one vault; in reality it's accounts at several banks, and euros move by bank transfer, not instantly. Each chain is a small ring of wallets, not thousands of accounts, and the particles are a scale model: in live mode one standing dot is about 2.6 M EURC. Step-by-step mode starts from an illustrative 362 M. Read Circle's EURC documentation for the details.