EURC joins USDC on Circle's native transfer rails Stablecoin issuer @circle has extended its Cross-Chain Transfer Protocol (CCTP) to cover native EURC transfers, applying the same burn-and-mi
Stablecoin issuer @circle has extended its Cross-Chain Transfer Protocol (CCTP) to cover native EURC transfers, applying the same burn-and-mint mechanism it already uses for $USDC. The expansion launches first on Ethereum and Base.
Under the protocol, CCTP uses burn-and-mint instead of a traditional bridge. There is no vault, no wrapped token, and no bridge balance to attack. Burning destroys the source-chain tokens outright, and Circle mints fresh native tokens on the destination chain after attestation. That means no wrapped version of EURC is created at any point in the process.
The protocol's burn-and-mint mechanism only works for tokens whose issuer can mint on the destination chain, Circle for USDC and EURC. Adding EURC to CCTP brings Circle's euro token in line with the infrastructure that has underpinned USDC cross-chain transfers since the protocol launched. Circle now lists USDC on 37 blockchains, EURC on eight, and CCTP on 28.
The timing reflects EURC's rapid growth. EURC has surpassed €400 million in circulation after its supply more than doubled over the past year. Circle said EURC is now supported across major blockchains, exchanges, payment networks and institutional platforms.
EURC is Circle's euro-pegged stablecoin, redeemable 1:1 for euros and issued under MiCA's E-Money Token regime by Circle Mint Europe SAS, an electronic money institution authorized by France's Autorité de contrôle prudentiel et de résolution (ACPR).Circle is the only major U.S. stablecoin issuer that obtained an EMI license in time for the June 30, 2024 MiCA deadline.
Circle said in an August 17 update that EURC supply had increased by more than 100% over the previous year, with the token now used across trading, payments, foreign exchange, treasury operations and institutional settlement. Bringing native EURC transfers to CCTP removes a key friction point for developers and institutions moving euro-denominated liquidity between chains without relying on wrapped assets or third-party bridges.
SourcesCircle: Cross-Chain Transfer Protocol (CCTP)Circle: EURC Exceeds €400 Million in CirculationCrypto News: Circle's euro stablecoin EURC tops €400 million in circulation
