Apr 10, 2025 - Economy
Circle's other stablecoin
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Here's one corner of the blockchain industry that the tariffs seem to have benefited: euro-based stablecoins (specifically, Circle's — the largest in the market).
- Why it matters: Circle, the issuer of EURC, is making its case to the market to invest in its IPO.
How it works: EURC works just like all the stablecoins we've been covering in this space, with one difference: It's redeemable for euros rather than dollars.
- EURC is regulated under the EU's Markets in Crypto-Assets (MiCA) law.
By the numbers: From the last day of March to April 9, the supply of EURC is up 17%.
- Meanwhile, the dollar has been weakening.
- Correlation isn't causation of course, but EURC's growth really kicked in since Jan. 1.
Zoom out: Euro stablecoins are a tiny portion of that corner of digital assets, but growing.
- EURC is 0.006% of the stablecoin market.
- The total stablecoin supply has dropped by about a billion dollars since the end of March (larger than the whole euro stablecoin market), but that's only about 0.4% drop in all stablecoins.
