Circle EURC in 2026: Supply, MiCA and EU Use

Last updated: September 30, 2026. DefiLlama reports EURC circulating supply of 465.2 million euro, about 57.7% of the 807 million euro in euro-pegged stablecoins on that list the same day (465.2 million divided by 807 million). The next euro tokens on the list were EURCV at 184.9 million, EURI at 37.6 million, and EURE at 34.2 million. By chain, EURC supply was about 341 million on Ethereum, 58 million on Base, and 48 million on Solana.

Key Takeaways

EURC circulating supply was 465.2 million euro on September 30, 2026, about 57.7% of DefiLlama's 807 million euro-pegged total.
EURCV at 184.9 million was the next euro stablecoin on that list, ahead of EURI at 37.6 million and EURE at 34.2 million.
About 341 million of EURC sat on Ethereum, 58 million on Base, and 48 million on Solana.
Circle describes EURC as its euro stablecoin on circle.com/eurc. This page does not add a reserve dollar figure beyond the supply cut.
The Q1 label on this report is retired. Quote the September 30, 2026 supply, not a first-quarter market-cap line.

Supply after Q1

This report was filed as a Q1 2026 review. The supply section is no longer a Q1 section. On September 30, 2026, DefiLlama showed EURC at 465.2 million euro. Euro-pegged stablecoins on the same list summed to 807 million, so EURC was about 57.7% of that tracked euro float. That share is a division of those two DefiLlama totals, not a figure copied from a Circle press release.

The peer set on that list is the right comparison. EURCV at 184.9 million is the large bank-issued euro token in the data. EURI at 37.6 million and EURE at 34.2 million are the next names with a visible float. EURC is the scale leader among euro stablecoins DefiLlama tracks. It is still a small market next to dollar stablecoins, which is a structural fact about euro crypto liquidity, not a verdict on Circle's compliance work.

Chain distribution is part of the same cut. About 341 million of EURC was on Ethereum, 58 million on Base, and 48 million on Solana. Ethereum is the deep pool. Base and Solana are real but smaller. If you are wiring euros on-chain, confirm the chain on both ends. A balance on Base is not a balance on Ethereum.

Who issues it

Circle presents EURC on its EURC page as the euro stablecoin in its product set, redeemable against the euro and aimed at both retail distribution and institutional use. This refresh does not restate attestation line items, cash-versus-bond mixes, or a dollar translation of the euro float. The supply number to quote is the DefiLlama figure of 465.2 million euro on September 30, 2026.

MiCA is why a euro stablecoin's legal status is part of the product, not a footnote. Our MiCA stablecoin categories guide separates e-money tokens from other crypto-assets. EURC's advantage in Europe is that it is built to live inside that e-money regime. A supply lead of 465.2 million against a tracked euro total of 807 million is what that positioning looks like in the data, not a claim that competitors cannot grow.

What the Q1 edition got wrong to leave in place

The Q1 edition opened on older market-cap lines and a wide share range. Those lines are removed. Leaving them next to a September supply figure would make the page disagree with itself. Integrations from the first quarter, including point-of-sale distribution and bank-custody announcements, can stay as history. They are not restated here with counts this update does not re-check.

The useful Q1 point that still holds without a number is the mechanism. When EU venues restricted non-compliant dollar tokens, euro liquidity had to sit somewhere that venues would still list. EURC was positioned for that slot. The September data says the slot is still Circle's to lose: 465.2 million euro, about 57.7% of the tracked euro-pegged total, with EURCV the main token behind it at 184.9 million.

How to use EURC liquidity

Use 465.2 million euro when someone asks how large EURC is. Use 57.7% only if you also say it is EURC divided by DefiLlama's 807 million euro-pegged total on September 30, 2026. Use 184.9 million when the question is who the challenger is. Use the chain split, about 341 million on Ethereum, 58 million on Base, and 48 million on Solana, when the question is where a transfer will actually land.

Do not convert this page's euro figures into dollars in your head and then cite them as Circle's market cap. Foreign-exchange translation moves every day, and this refresh deliberately stays in the euro units DefiLlama used for the euro peg. Dollar stablecoin context, if you need it, belongs on our stablecoin statistics page, which is a different denominator.

For payments teams, the practical limit is not the 57.7% share. It is whether the counterparty accepts EURC on the chain you can send. Ethereum's about 341 million is the deepest EURC pool in this cut. Base at 58 million and Solana at 48 million are usable and thinner. A rail choice for dollar tokens is a different article. See the TRC20, ERC20, and Solana comparison for that decision.

Risks that do not need a fresh number

Dollar markets still set crypto price discovery, so euro stablecoins remain a specialist float even when EURC leads them. A second risk is licensing complexity: custody and transfer rules can force providers to hold more than one permission for the same token. A third is fragmentation, because national authorities do not process the same file at the same speed. A fourth is a future retail digital euro, which would compete for the same "official euro on a ledger" job if it launches. None of those risks is a supply statistic, and this update does not pin a forecast on them.

The risk that is visible in the data is concentration. At about 57.7% of tracked euro stablecoins, EURC is the market. A problem at the issuer, or a delisting at one large venue, would move the whole euro on-chain category, not a side pool. That is the cost of being the compliant default.

Conclusion

Quote EURC as 465.2 million euro of circulating supply on September 30, 2026, about 57.7% of the 807 million euro DefiLlama tracked in euro-pegged stablecoins that day. EURCV at 184.9 million is the main peer. About 341 million of EURC was on Ethereum. The Q1 label is retired in favor of that dated cut.

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This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice; no material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell any financial instrument, and readers should conduct their own independent research or consult a qualified professional.