Swap EURC at the Best Rate

What is EURC?

EURC is the euro counterpart to USDC: a fully reserved stablecoin whose issuer promises redemption at par, in this case one euro per token. Circle announced it on 16 June 2022 as Euro Coin with the ticker EUROC and launched it on Ethereum on 30 June 2022. The name and symbol later changed to EURC, and the contract addresses stayed the same.

Since the European Union's Markets in Crypto-Assets regulation took effect for stablecoins, EURC has been issued as an e-money token by Circle Internet Financial Europe SAS, the French entity that received an electronic money institution license from the ACPR on 1 July 2024. That timing made EURC one of the few euro stablecoins compliant with MiCA from the first day the rules applied.

How EURC works

Circle mints EURC when institutional customers deposit euros through Circle Mint and burns it on redemption, so supply expands and contracts with demand rather than following a schedule. Reserves are euro-denominated assets held at regulated financial institutions in the European Economic Area, kept segregated from Circle's own funds, and MiCA gives every holder a legal right to redeem at par with the issuer.

Transparency follows the USDC playbook. Circle publishes reserve information monthly, and independent accountants examine and sign an assertion that the fair value of reserve assets meets or exceeds the EURC in circulation on the report dates, under AICPA attestation standards.

Who builds EURC

Circle is a US company founded in 2013 that built its business around USDC before adding a euro product. EURC issuance for the European market runs through Circle Internet Financial Europe SAS in France, giving the token a supervised issuer inside the EU regulatory perimeter. There is no token-holder governance: Circle decides reserve policy, supported chains and contract upgrades.

What people use EURC for

Most EURC activity treats it as the euro leg of on-chain markets, from currency conversion against dollar stablecoins to euro-denominated payments and savings held outside a bank account.

• Trading the euro side of pairs such as EURC to USDC, an on-chain proxy for the largest foreign exchange market.
• Paying and invoicing in euros with settlement in minutes rather than banking days.
• Holding euro balances in self-custody wallets.
• Serving as euro collateral and liquidity in DeFi protocols on its native chains.

EURC risks and considerations

EURC carries issuer risk: the peg depends on Circle honoring redemptions and on the quality of the reserve institutions. The contract follows the USDC design, so Circle can block addresses and upgrade the token logic, and euro interest rates shape how attractive the product is for Circle to operate, since holders receive no yield from reserves.

Liquidity is thinner than for the major dollar stablecoins, and it is split across the five networks where Circle issues natively. EURC on any other network is a bridge representation rather than Circle-issued money, so it inherits the bridge operator's risk on top of the issuer's.