Circle’s EURC Stablecoin Soars 43% as Dollar Woes Ignite Euro Craze! 💸🔥

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What to know:

  • Circle’s euro-backed stablecoin, EURC, grew a staggering 43% in the past month, reaching a new record of $246 million in supply, driven by a growing hunger for euro-denominated digital assets.
  • Worries over the stability of the U.S. dollar and fears stemming from the Trump-era tariffs have sent crypto users scrambling for safer shores, with Xapo Bank giving us the lowdown.
  • EURC’s growth got a boost from Tether’s sudden exit from the euro stablecoin game and exchanges like Binance throwing USDT off the boat for EU users.

So here we are, watching Circle’s euro-backed EURC surge to a record supply. The culprit? Well, let’s just blame it on the lovely mess of U.S. trade tensions and a dollar that seems to be getting weaker by the second—exactly what every euro fan has been dreaming of!

EURC’s supply shot up 43% over the past month, reaching a jaw-dropping 217 million tokens worth $246 million. And where does it sit? Just above Paxos’ Global Dollar (USDG) and below Ripple‘s RLUSD in terms of market cap, according to RWA.xyz. But here’s the kicker: most of these tokens are cruising through the Ethereum network, up 35% to a tidy 112 million tokens. Meanwhile, Solana’s been partying hard, expanding by a massive 75% to 70 million tokens. Even Coinbase’s Base managed to hop on the bandwagon, growing by 30% to 30 million tokens.

The growth didn’t stop there—EURC saw a major uptick in on-chain activity, with active addresses jumping 66% to 22,000 and the monthly transfer volume soaring past $2.5 billion (that’s a 47% jump, just in case you were wondering). RWA.xyz has the numbers if you want to dig deeper.

Let’s be real, EURC might be the biggest euro stablecoin out there, but it’s still playing catch-up compared to the colossal dollar-denominated ones. Dollar-pegged stablecoins gobble up 99% of the rapidly expanding market, led by Circle’s own $58 billion USDC and Tether’s $143 billion USDT. So, EURC has a lot of ground to cover, but hey, it’s making waves!

Now, what’s driving this surge? It’s not just the euro being fabulous. It seems the world is starting to wake up to the need for diversification in a time of economic uncertainty in the U.S., especially with tariffs looming large from the Trump administration. The greenback has already dropped 9% against the euro this year. Ouch.

Speaking of diversification, Xapo Bank, the Gibraltar-based Bitcoin-focused institution, reported a whopping 50% increase in euro deposit volumes during the first quarter. Compare that to the 20% rise in USDC deposits, and you get the sense that people are truly getting their euros out. Oh, and USDT? It fell by over 13%. Time to rethink that plan?

And the cherry on top? “Liberation Day” plans by Trump have markets on edge, with worries about the future of the U.S. dollar hanging in the air like a bad smell. No wonder the euro’s looking good these days.

Meanwhile, stablecoin swaps between foreign currency pairs on Ethereum-based decentralized exchanges have skyrocketed to multi-year highs, with the EUR-U.S. dollar pair dominating. You know it’s serious when traders are moving mountains to get their hands on the euro.

EURC likely benefited from Tether bowing out of the euro stablecoin scene (goodbye, EURT!) amidst the new EU regulations coming in hot this year. And let’s not forget the exchanges that dropped USDT like a hot potato for EU users, with Binance leading the charge at the end of March. It’s safe to say the euro is having its moment, and EURC is reaping the rewards!

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2025-04-14 22:47