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Following
EURC EURC joins the Circle native transfer track and shares cross-chain protocol with USDC
stablecoin issuer @circle has extended its Cross-Chain Transfer Protocol (CCTP) to support native EURC transfers, using the same destruction and casting mechanisms as USDC. The extension was first launched on the Ethereum and Base chains.
Under this protocol, CCTP uses destruction and casting mechanisms rather than traditional bridging. There are no vaults, no packaging tokens, and no bridging balance to attack. The destruction operation completely removes the tokens on the source chain, while Circle, after verification, mints new native tokens on the target chain.
This means that no packaged version of EURC will be produced throughout the process. The agreement's destruction and minting mechanism only applies to tokens that the issuer can minte on the target chain, namely Circle's USDC and EURC.
Including EURC in the CCTP brings Circle's euro tokens into line with the infrastructure that has supported USDC cross-chain transfers since the agreement was launched. Currently, Circle supports USDC on 37 blockchains, EURC on 8 chains, and CCTP covers 28 chains.
Continued expansion of EURC under the MiCA framework
This timing reflects the rapid growth of EURC. In the past year, EURC's supply has more than doubled, and circulation has exceeded 400 million euros. Circle said that EURC now supports mainstream blockchains, exchanges, payment networks and institutional platforms.
EURC is a euro-pegged stablecoin issued by Circle. It can be exchanged for euros at a 1:1 ratio. It is issued by Circle Mint Europe SAS in accordance with MiCA's e-currency token system. Circle Mint Europe SAS is an electronic money institution authorized by the French Agency for Prudential Regulation and Resolution (ACPR).
Circle is the only major U.S. stablecoin issuer to obtain EMI licenses before the MiCA deadline of June 30, 2024. Circle said in an August 17 update that the supply of EURC has grown by more than 100% in the past year, and the token is now used in areas such as transactions, payments, foreign exchange, fund management and institutional clearing.
Introducing native EURC transfers into CCTP removes a key obstacle for developers and institutions when transferring euro-denominated liquidity across chains-without relying on wrapped assets or third-party bridges.
