Track market-moving stories before they get noisy

Circle’s euro-backed stablecoin EURC has roughly doubled in market capitalization since the start of the year, climbing from approximately $205 million to around $430 million. The token’s circulation now sits at approximately €378 million as of mid-July, with its share of the euro stablecoin market ballooning from about 17% a year ago to north of 40%.

MiCA did the heavy lifting MiCA’s full enforcement in late 2024 and early 2025 created a compliance gauntlet that most euro stablecoin issuers couldn’t survive. The most notable casualty was Tether’s EURT, which exited the market rather than meet the new regulatory requirements.

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Circle secured a French Electronic Money Institution license back in 2024, giving it a single regulatory passport to operate across the entire EU and European Economic Area. The supply numbers tell the story cleanly. EURC’s token supply grew from roughly 309 million at the end of 2025 to approximately 390 million in early 2026, nearly tripling in a compressed timeframe.

Multi-chain expansion and Base launch Circle has been deploying EURC across multiple blockchain networks, including Ethereum and Solana. The most recent expansion landed on July 9, when EURC went live on Coinbase’s Base network.

Daily active addresses for EURC hit an all-time high of 1,760 shortly after the Base launch. The broader euro stablecoin market has reached record highs approaching $900 million as of mid-2026, with EURC commanding roughly 40–50% of that total.

What this means for investors The institutional character of this growth is worth noting. The supply expansion and market cap gains appear driven by enterprise-level integrations rather than grassroots consumer adoption. The company has reportedly been building payment integrations with partners like Visa and exploring point-of-sale terminal support through Ingenico, which would push EURC into physical retail environments.

With the overall euro stablecoin market still under $1 billion, it remains a fraction of the dollar stablecoin market, which is measured in the hundreds of billions.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Kraken Launches Customized Crypto Vaults, Allowing Users to Earn Yields on Idle Bitcoin, Ethereum (ETH) and Stablecoins

Kraken Institutional has announced a partnership with on-chain yield platform Upshift, allowing qualified institutional clients to earn returns on idle Bitcoin, Ethereum, stablecoins and other crypto assets directly within Kraken’s compliant custody framework. Unlike traditional pooled vaults, Upshift will build dedicated, customized vaults for each client, fully tailored to their investment strategies, risk parameters, liquidity needs and asset portfolios. Assets will be allocated to these non-custodial vaults, then deployed to selected on-chain contracts, with clients’ segregated Kraken custody accounts receiving a receipt token.

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SpaceX falls below its $135 IPO price for the first time; US-listed space-related stocks decline across the board.

According to market data from BIT (bit.com), during U.S. stock intraday trading, SpaceX (SPCX) fell below its IPO price of $135 for the first time, currently trading at $133.6. U.S. space-related stocks declined across the board: AST SpaceMobile (ASTS) dropped 5.26%, Rocket Lab (RKLB) fell 3.4%, and Redwire (RDW) declined 3.4%.

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A certain address profited 23.75 million USDC via the Ostium exploit, then exchanged the funds for 12,085 ETH.

According to EmberCN’s monitoring, an hour and a half ago, the DeBank address under the username musti_akrep exploited a vulnerability on Perp DEX Ostium to gain 23.75 million USDC, transferred the funds to the Arbitrum blockchain, and immediately converted the USDC into 12,085 ETH at a purchase price of $1,965.

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2 minutes ago

Iran: No negotiation plans at present, focusing on defense.

According to Iran's Tasnim News Agency, a spokesperson for Iran's Ministry of Foreign Affairs stated that the country's armed forces have made clear that any aggression against Iranian territory will inevitably be met with an equivalent response. There are currently no plans for negotiations, and Iran is focusing on defense. A memorandum of understanding is a set of mutual commitments; if the other party violates it, Iran will cease fulfilling its obligations, a principle that will be followed moving forward.

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Aster DEX launches SKHYB "Hold-to-Use" campaign: Hold SKHYB tokens to serve as collateral for perpetual contract trading, with participants sharing a $15,000 prize pool.

Decentralized perpetual contract trading platform Aster DEX has announced the launch of its "Hold & Share" reward program for SKHYB, the SK Hynix token under Binance’s tokenized US stock product line bStocks, with a total prize pool of SKHYB worth $15,000. The program’s core mechanism is "Hold & Trade": after users deposit SKHYB into their Aster perpetual contract accounts and enable multi-asset mode, SKHYB can be used as collateral, with a maximum collateral value of 90% of its market value. This allows users to trade any perpetual contract market without selling their SKHYB holdings. Aster also announced that SKHYB spot trading is now live, enabling users to "hold stocks while trading with stocks". The program runs from 10:00 UTC on July 15 to 10:00 UTC on July 22, spanning 7 days. To participate, users must meet three requirements simultaneously: enable multi-asset mode, hold at least $100 worth of SKHYB in their perpetual contract accounts, and execute at least $1,000 in trades across any perpetual contract market during the program period. Rewards are distributed proportionally based on individual scores, calculated as SKHYB balance multiplied by holding hours (full hours only). The maximum individual reward is capped at 3% of the total prize pool, and rewards below $1 will not be issued.

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Table of contents

Circle’s EURC stablecoin just printed its busiest day on-chain in the asset’s four-year history. Both daily active addresses and new wallet creation exploded to record levels, according to the on-chain update from Santiment. The sudden burst of usage is not noise. It aligns with a structural shift as European exchanges, apps, and payment teams hunt for compliant alternatives under the continent’s new crypto rulebook.

A Sudden Spike in Euro Coin Usage Active addresses and network growth are two of the bluntest tools for measuring real adoption. A simultaneous surge in both suggests fresh capital and new participants—not just existing holders shuffling tokens. EURC’s daily active addresses vaulted to an all-time high, and the number of new wallets entering the network did the same. That dual breakout rarely happens by accident.

The timing is critical. For years, dollar stablecoins dominated on-chain activity, while euro-denominated options stayed in the background. That has changed. Circle has been deliberately expanding EURC support, most recently with USDC/EURC pairs on Cronos and deeper cross-chain infrastructure. The market is starting to respond.

Regulation Reshaping On-Chain Euro Demand MiCA is no longer a draft proposal. Exchanges operating in the European Union now face hard compliance deadlines, and the effect on stablecoin selection is immediate. MiCA-ready assets like EURC, issued under Circle SAS, become a natural default. What makes this moment different is that the picks and shovels of euro on-chain liquidity are finally being laid while regulation forces the decision.

The contrast with the U.S. is stark. While the ongoing stalemate in U.S. stablecoin legislation drags on, Europe’s framework is already redirecting flows. EURC is capturing a meaningful slice of that redirection. Circle’s broader ecosystem updates—new chain expansions, compliant payment rails, and deepening institutional connections—give users practical reasons to reach for the token, not just to hold it.

What Traders Should Watch Stablecoins don’t pump like volatile altcoins, and nobody should read this spike as a price signal. But on-chain activity of this magnitude points to real demand building underneath Europe’s crypto payment layer. If the number of addresses and new wallets stays elevated, it would confirm a durable shift rather than a one-off burst.

The broader stablecoin picture reinforces that view. Tokenized assets are already climbing past $20 billion on-chain, and regulated stablecoins function as the settlement backbone, as seen in the recent wave of institutional RWA adoption. EURC’s record-breaking day is another data point suggesting euro-denominated liquidity is becoming a permanent on-chain fixture. The open question is whether this activity translates into deeper EURC trading pairs and whether that volume persists beyond the initial MiCA implementation window.

AUTHOR

Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.

19h05 ▪ 3 min read ▪ by Eddy S.

Summarize this article with:

In just a few days, Circle’s EURC stablecoin has shattered its activity records thanks to MiCA, proof that regulation boosts adoption. But against the controversial giant Tether, the fight for Europe promises to be fierce. Who will be the winner?

In brief Circle’s EURC records activity records in Europe (1,760 addresses/day) thanks to MiCA. MiCA regulation does not recognize non-compliant stablecoins, making EURC the legal solution in Europe. Circle’s EURC success shows that compliance and transparency encourage stablecoin adoption. A few days after the publication of the MiCA-compliant crypto platforms in Europe, Circle’s EURC stablecoin experienced a historic explosion:

1,760 active addresses per day;  713 new wallets created every day, records over 4 years. Why? Because MiCA excluded non-compliant stablecoins from the European market, which pushed players to seek legal and transparent solutions. Pegged to the euro, EURC is regulated and has thus become the default solution for companies wishing to avoid legal risks.

Explosion of Circle’s EURC stablecoin in Europe thanks to MiCA. Where cryptos are volatile, EURC’s growth is organic and fueled by real demand. This boom proves that regulation does not always stifle innovation… it structures it. But beware, this dependency on Circle raises a question: what if tomorrow a problem at the issuer shakes the entire European ecosystem?

Is the War for the Conquest of Europe Declared Between Circle and Tether? The king of stablecoins, Tether (USDT), leads the dance on the global market with over 100 billion dollars in circulation. But MiCA has made a radical change in Europe. Indeed, USDT being non-compliant, it is consequently delisted from crypto exchange platforms (Binance, Kraken) to avoid penalties. Thus, Circle and its EURC take advantage of this gap to establish themselves as the reference stablecoin for euro transactions.

However, Tether has no intention of giving up. Indeed, the giant is accelerating discussions with European regulators in order to obtain a MiCA license. If Tether succeeds, the fight will be fierce. On one side, Circle, transparent and regulated; on the other, Tether, flexible and already favored by traders. And who will win? Meanwhile, Circle has a strategic lead while USDT remains on hold. Europe is thus becoming the playground of stablecoins. 

MiCA has propelled Circle’s EURC stablecoin to the top, but the war against Tether is only beginning. Europe has opted for regulation, but is it ready to take the risks of dependency on a single player? In your opinion, should security be prioritized over decentralization?

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Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Circle's euro stablecoin $EURC logged its highest daily active addresses and new wallet creation since its launch four years ago, according to Santiment data. On July 9, daily active wallets reached 1,760, a milestone that underscores accelerating demand for regulated euro-denominated digital assets.

MiCA Clears the Field for EURCThe timing of the spike is no coincidence. The EU's Markets in Crypto-Assets (MiCA) regulation transition period ended on July 1, 2026, requiring all crypto firms serving EU clients to be licensed. That deadline reshaped the competitive landscape sharply. Tether chose not to apply, with CEO Paolo Ardoino calling MiCA's reserve rules "dangerous," leading major exchanges including Coinbase, Binance, and Kraken to delist USDT for European users. With the market's dominant stablecoin removed from regulated European venues, liquidity has had to go somewhere.

EURC, issued by Circle, held the highest average market capitalisation among MiCA-compliant euro stablecoins at $430.4 million across the past year and led in average weekly trading volume at $34.0 million. Circle's EURC has emerged as the dominant euro stablecoin, holding approximately 41% of total euro stablecoin market capitalisation, up from 17% market share over the past 12 months.

Compliance as a Competitive AdvantageThe primary driver behind the surge in EURC activity is the enforcement of MiCA's stablecoin provisions, which require issuers to hold specific reserves and obtain licenses to operate within the EU. Circle was among the first global firms to secure an Electronic Money Institution (EMI) license, making EURC the first major MiCA-compliant stablecoin.

The leading euro stablecoin for crypto capital markets, EURC is MiCA-compliant, redeemable 1:1 for euro, and accessible globally on Avalanche, Base, Ethereum, Solana, and Stellar. That multi-chain presence matters: several high-profile centralised exchanges have started restricting non-compliant stablecoins for European users, naturally funnelling liquidity into EURC.

Total market capitalisation of MiCA-compliant euro stablecoins rose 128%, climbing from $295.6 million to $673.9 million across the 52 weeks to June 28, 2026. The broader trend points to Europe consolidating its stablecoin market around a small group of fully licensed tokens, with EURC currently leading that pack by a wide margin.

Sources:
Cryptonomist: MiCA Euro Stablecoins Surge Post Transitional Period
Circle: EURC Official Page
Utila: Euro Stablecoin Landscape Report 2026

Europe’s MiCA Did Not Approve a Single Asset Under This Category

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

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Investment firm Spiko has integrated Coinbase’s stablecoin payment infrastructure into two regulated EU Treasury-bill funds, allowing eligible investors to fund subscriptions and receive redemption proceeds using USDC and EURC. 

Coinbase said Tuesday the integration covers Spiko’s EU T-Bills Money Market Fund and US T-Bills Money Market Fund. Both are structured as Undertakings for Collective Investment in Transferable Securities, or UCITS. Coinbase Payments will provide the payment, wallet and application programming interface (API) infrastructure, with the transactions settling on Base, Coinbase’s layer-2 network. 

The exchange said the products are the first UCITS funds in Europe to accept direct stablecoin payments.

The move into UCITS funds comes as net sales of the assets rebounded in April, the latest data from trade group EFAMA showed on Monday. UCITS saw net inflows of 104 billion euros that month, compared to net outflows of 41 billion euros in March. Net sales reached a new record in 2025, totaling 828 billion euros and surpassing the previous 2021 high of 813 billion euros.

Tokenized funds push toward 24/7 utilityCoinbase described the integration as an example of how stablecoins could reshape payments infrastructure for mutual funds by removing bottlenecks for investors as they enter and exit a product.  It positions stablecoins as settlement infrastructure, connecting onchain capital with regulated investment funds. 

Investors can submit subscriptions at any time, including weekends and holidays. At the same time, redemption proceeds can be delivered to a stablecoin wallet within minutes after a position is liquidated. 

Despite this, round-the-clock stablecoin transfers do not necessarily mean that the underlying fund continuously processes subscriptions and redemptions. Spiko said the Coinbase integration introduces a new payment method rather than changing the funds themselves.

Cointelegraph reached out to Coinbase for more information on order execution, but did not receive a response before publication. 

Other asset managers have tested ways to provide 24/7 access to tokenized funds. In February, WisdomTree received approval for round-the-clock secondary trading and instant USDC settlement of its tokenized Treasury fund, with liquidity supplied by its broker-dealer while primary fund processes remained unchanged. 

Tokenized money market funds are also increasingly being used as infrastructure beyond subscriptions and redemptions. In February, Franklin Templeton and Binance introduced a program allowing institutions to pledge tokenized fund shares as off-exchange trading collateral while the assets remain in regulated custody

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A major stride was made in Europe’s regulated investment market with the launch of blockchain-based payment infrastructure. Coinbase and Spiko have collaborated to enable stablecoin payments for UCITS-structured investment funds. Thanks to this new arrangement, investors can now purchase or redeem fund shares much faster, eliminating the need to wait for traditional bank transfers.

Stablecoins make inroads into UCITS fundsAs part of the integration, Spiko’s EU Treasury Bill Money Market Fund and US Treasury Bill Money Market Fund now accept USDC and EURC stablecoins. These products have thus become among the first UCITS funds in Europe to offer stablecoin funding options. The new system particularly facilitates quicker transitions between regulated short-term public debt funds and digital assets for institutional investors.

Glossary: UCITS is a regulatory framework developed in the European Union to protect investors and ensure risk diversification in collective investment funds. This structure, which facilitates cross-border fund distribution, is widely used throughout Europe.

Investors can acquire fund units with USDC or EURC at any time, including weekends and public holidays, without waiting for regular bank working hours or settlement periods. According to company statements, when redeeming fund units, stablecoins can be transferred to wallets within minutes. This setup is expected to minimize the period during which capital remains idle during transaction processing.

Coinbase and Spiko emphasized that regulated financial products can operate in harmony with digital assets while maintaining full compliance with legal frameworks.

Base network and payment infrastructure highlightedThe payment infrastructure operates through Coinbase Payments, with transactions finalized on Coinbase’s Ethereum layer-2 network, Base. In addition, Coinbase provides both the required wallet infrastructure and payment tools needed for the process. The companies underlined that this model ensures the security and compliance standards that regulated financial markets expect remain intact.

Glossary: Base is a layer-2 Ethereum network developed by Coinbase. Networks of this kind are built to process transactions more quickly and at a lower cost than the main chain.

UCITS funds are among the most heavily regulated investment products in Europe and are widely used by both retail and institutional investors. Bringing stablecoin payments into this framework is being viewed as a significant step in connecting traditional finance and blockchain infrastructure.

Rising institutional interestThe move aims to resolve one of the biggest inefficiencies in traditional markets: slow settlement times. Investors’ ability to access their funds without waiting for standard trading cycles may improve cash management and reduce idle capital.

Citing a study by EY Parthenon, Coinbase highlighted that 88% of institutional investors see same-day, T+0 securities settlement as one of stablecoins’ main use cases.

The announcement comes at a time when institutional interest in blockchain-based settlements is rising. Coinbase CEO Brian Armstrong has also renewed his call to reform accredited investor rules in the US, arguing that the current system creates opportunities reserved solely for wealthy investors.

Meanwhile, a partnership established between global digital payments firm Checkout and Coinbase is expanding stablecoin acceptance for institutional clients. These developments further indicate the tightening link between traditional payment channels and blockchain-based settlement systems.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

We’re excited to announce that USDC, EURC, and CCTP support are live on Cronos.

Cronos Network is a high-performance, EVM-compatible, Layer-1 (L1) blockchain network supported by Crypto.com, supporting payments, AI-native workflows, and DeFi trading. Native USDC, EURC, and CCTP bring trusted and interoperable stablecoin infrastructure to Cronos’ large and established ecosystem. USDC will also serve as the settlement layer for the Cronos app, the upcoming mobile-first trading platform where users will be able to trade tokenized stocks, crypto, and prediction markets from a single account, with 24/7 markets, and access in 180+ countries.1

With the launch of native USDC, EURC, and CCTP, Cronos gains access to the leading regulated2 dollar and euro stablecoins. This unlocks dollar- and euro-denominated DeFi trading, payments, treasury management, and more on a blockchain designed for EVM compatibility, AI-friendly workflows, and transaction efficiency. Native USDC will also serve as the dollar settlement layer for the Cronos app. Users will be able to deposit dollars and trade every asset class from one account.

Benefits of USDC and EURC on Cronos:

Regulated,2 fully reserved stablecoins redeemable 1:1 for USD and EUR,3 respectivelyInstitutional on/offramps with Circle Mint4 for qualified businesses Integrate easily with apps and protocols on CronosUnlock dollar- and euro-denominated DeFi markets and AI-powered transactionsCCTP on Cronos enables developers to:

Securely and efficiently move USDC between Cronos and other supported blockchainsBuild apps directly on the protocol layer that support high-performance DeFi and AI-powered transactionsKey use cases of USDC and EURC on CronosNative USDC and EURC can help establish a trusted dollar- and euro-denominated ecosystem on Cronos. With MiCA compliance, full reserve backing, and 1:1 redeemability for dollars and euros respectively, USDC and EURC support DeFi, traditional markets, and agent-to-agent transactions by serving as collateral and settlement infrastructure. Establishing deep liquidity for both EUR/EURC and USD/USDC trading pairs can support lower-slippage DeFi activity and AI-driven applications at the scale institutions and enterprises need. Through CCTP, users and developers can move USDC securely across ecosystems without relying on wrapped assets.

Beyond institutional use cases, native USDC will also bring dollar settlement to everyday users. As the dollar layer for the Cronos app, the upcoming mobile-first trading platform, USDC will let people deposit dollars and trade tokenized stocks, crypto, and prediction markets from a single account.

Together, native USDC, EURC, and CCTP can give businesses and developers on Cronos access to regulated2 fiat rails for institutional-grade trading, programmable payments, and compliant onchain settlement. While USDC is widely used around the world, euro-denominated EURC may be especially well suited for payments, settlement, and other onchain activity within the EU, where 1:1 euro redeemability and MiCA compliance can help support trusted euro-denominated use cases.

Popular Cronos apps include: Crypto.com, LI.FI, Relay, VVS, Wolfswap.

Bridged vs native USDC on CronosCronos also supports bridged USDC (i.e., USDC.e), a non-native version of USDC. The Cronos team plans to work with ecosystem apps and protocols to smoothly migrate bridged USDC liquidity to native USDC over time.

This gives Cronos the same native stablecoin features that are already available on other supported chains. There is no immediate impact to existing bridges and they will continue to operate normally. Bridged USDC will remain clearly labeled as “USDC.e” in block explorers, app interfaces, and documentation.

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USDC on Cronos, issued by Circle2

Token Name: USDC

Token Symbol: USDC

Mainnet Address: 0x3D7F2C478aAfdB65542BCB44bCeeC05849999d2D

Testnet Address: 0xEb33dc5fac03833e132593659e1dE7256aB59794

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Bridged USDC on Cronos

Token Name: Bridged USDC (Cronos)

Token Symbol: USDC.e 

Mainnet Address: 0xc21223249ca28397b4b6541dffaecc539bff0c59 

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EURC on Cronos, issued by Circle2

Token Name: EURC

Token Symbol: EURC

Mainnet Address: 0xA6dE01a2d62C6B5f3525d768f34d276652C554c8

Testnet Address: 0x31f7538adb53cF16350e6B0c89d03D91b7D12c46

Get started todayBusinesses can access institutional on/offramps to convert to Circle stablecoins on Cronos by applying for a Circle Mint4 account. Individuals and smaller institutions can access USDC and EURC through various exchanges, wallets, and providers. Visit circle.com/eurc and circle.com/usdc to learn more.

Get started today with our developer docs for USDC, EURC, and CCTP. Both USDC and EURC are open-source, permissionless stablecoin protocols that anyone can build with.

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1 Products may be subject to jurisdictional availability

2 USDC is issued by regulated affiliates of Circle. EURC is issued by Circle Internet Financial Europe SAS. A list of Circle’s regulatory authorizations can be found here.

3 Circle Mint customers are able to redeem USDC and EURC directly from Circle. In addition, Circle will redeem all USDC and EURC presented to it for redemption in compliance with MiCAR, regardless of whether the holder is a Circle Mint customer. Circle Mint is currently available only to institutions and is not available to individuals.

4 Circle Mint and money transmission services are provided by Circle Internet Financial, LLC, NMLS # 1201441, and Circle Internet Financial Europe SAS, Electronic Money Institution License No. 17788, when provided in France.

The recent passage of the GENIUS Act introduced a new regulatory framework for stablecoins, such as Tether (USDT), drawing increasing attention from traditional and cryptocurrency firms.

Tether’s Regulatory Challenges And Rising Rivals With the stablecoin market growing from $120 billion in October 2023 to $288 billion as of August, Tether’s USDT continues to hold its position as the largest stablecoin. 

However, the Motley Fool team has identified three emerging contenders that are poised to disrupt the company’s dominance and present significant competition.

Tether commands nearly 60% of the stablecoin market, but it has not been without controversy. In 2021, the Commodity Futures Trading Commission (CFTC) fined Tether $41 million for “misleading claims” regarding its reserves, which were allegedly not fully backed by US dollars. 

Furthermore, Tether’s current reporting practices do not align with the requirements set forth by the recently passed GENIUS Act, which mandates stablecoin issuers to publish monthly disclosures about their reserves. 

Notably, the stablecoin issuer only provides these reports on a quarterly basis, potentially opening the door for competitors to capture some of its market share, at least in the United States.

Among the most prominent challengers highlighted is USD Coin (USDC), which boasts a market capitalization of approximately $68 billion. Like Tether, USDC is a fiat-backed stablecoin; however, it has not faced any legal scrutiny regarding its reserves. 

The issuer, Circle, has consistently published monthly attestations since USDC’s inception in 2018. The Motley Tool team asserts that this commitment positions USDC as Tether’s primary competitor, especially as regulatory compliance becomes increasingly crucial. 

The competitive landscape is further complicated by regulatory developments in Europe. Under the European Union’s Market in Crypto-Assets Regulation (MiCA), stablecoin issuers must obtain regulatory approval and meet strict reserve requirements. 

Circle has already achieved compliance with both USDC and its Euro stablecoin, EURC, while Tether has opted to withdraw from the European market entirely.

A New Contender With Ties To XRP Another contender is Dai, now rebranded as USDS, which differentiates itself by adhering to the principles of decentralization. Unlike Tether and USDC, Dai is managed by Sky, previously known as MakerDAO, a decentralized autonomous organization. 

This structure allows anyone holding SKY governance tokens to participate in decision-making processes concerning Dai. Rather than being backed by fiat reserves, Dai is a crypto-backed stablecoin, relying on overcollateralized crypto loans. 

Lastly, Ripple USD (RUSD) enters the fray as a smaller player with a market cap of around $667 million. Despite its size, the Motley Fool asserts that RUSD’s connection to XRP makes it a formidable competitor. 

Ripple, the company behind XRP, has launched RUSD as part of its payment solutions for financial institutions, focusing on efficient cross-border transactions. 

Additionally, RUSD has received regulatory approval from the New York State Department of Financial Services, which adds a layer of credibility and could help it gain traction in the market.

Despite the potential threat, Tether’s figures far surpass those of these three challengers. This suggests that the firm’s reign in the stablecoin market may continue for some time. One thing is certain, though: stablecoins are making a notable entrance into the broader financial landscape.

The daily chart shows the market’s total capitalization dropping toward $3.75 trillion. Source: TOTAL on TradingView.com Featured image from DALL-E, chart from TradingView.com 

TLDR: Angle Protocol’s AIP-112 vote approved an orderly wind down of both EURA and USDA stablecoins. EURA and USDA holders can redeem tokens 1:1 for EURC and USDC until March 1, 2027, on Ethereum. Remaining reserves after redemption will be airdropped pro-rata to eligible Ethereum-based holders. The Angle team now operates Merkl, a leading DeFi incentive platform, as their primary focus.
Angle Protocol is officially winding down its EURA and USDA stablecoins following a community governance vote. The decision, passed under AIP-112, brings the decentralized stablecoin project to a close.

Holders of both tokens have a structured, two-year window to recover their funds at full value. The team now focuses on Merkl, a DeFi incentive platform, as its next major project. Acting quickly remains the most important step for all current holders.

What Holders Need to Know About the Redemption Period The wind-down plan begins with a one-year redemption period running until March 1, 2027. During this time, EURA holders can redeem their tokens 1:1 for EURC on Ethereum.

USDA holders can redeem 1:1 for USDC through the Angle Transmuter on the Angle App. Holders on other chains must bridge their funds back to Ethereum before initiating any swap.

Angle Protocol has been clear about what happens if holders miss this window. After March 1, 2027, the protocol will cease active operations entirely.

Both EURA and USDA are expected to depeg once the redemption mechanism is turned off. Taking action well before the deadline is the safest course for current token holders.

VaultManager position holders are included in the redemption plan as well. They can close their positions and recover collateral during the active period.

All actions must be completed through the Angle App on Ethereum. No other platforms or channels have been announced for these transactions.

The team confirmed the decision through their official channel, noting: “the Angle community has voted in favor of an orderly wind down of the EURA and USDA stablecoins (AIP-112).” This confirms the move was driven by formal governance, not a unilateral team decision.

Final Settlement and the Extended Claim Window After the redemption period ends, the protocol moves into Phase 2 for final settlement. The guardian multisig will recover all reserves remaining within the protocol at that stage.

Those reserves will then be distributed pro-rata to the EURA and USDA holders still on Ethereum. Only holders who have bridged back to Ethereum before this stage will qualify for the distribution.

The airdrop will be executed and distributed through Merkl, the incentive platform run by the Angle team. After the airdrop goes live, recipients will have one additional year to claim their EURC or USDC.

Claims can be made directly through the Merkl platform during this period. Together, both phases create a total two-year window for holders to recover funds.

The reasoning behind the wind-down traces back to declining activity on Angle Protocol stablecoins over time. The team noted that yield-bearing stablecoins now exist natively across vaults and lending protocols available everywhere.

Running dedicated infrastructure for a shrinking user base creates unnecessary smart contract risk. Operational overhead with little benefit to a diminishing community was another factor in the decision.

The Angle team now builds Merkl full-time and encourages the community to follow that project. Holders are advised to act early and not delay until deadlines approach.

Circle’s Euro Stablecoin to Thrive with MiCA, Says CEO Jeremy Allaire

Nine European Banks to Launch MiCA Euro Stablecoin in 2026

Stablecoin issuer Circle said it plans to launch its own version of a wrapped Bitcoin, which would put it against incumbents Coinbase and BitGo as it targets institutional users.

The asset, called cirBTC and announced on Thursday, is set to launch on Ethereum, backed 1:1 by bitcoin (BTC) and aimed at over-the-counter desks, market makers and lending protocols.

Circle said the asset is designed to provide institutions with a “highly secure and neutral version of wrapped BTC.”

Financial institutions, which have become significant buyers of Bitcoin, have been actively exploring decentralized finance. Wrapped versions of Bitcoin would allow the asset to be used on other chains, such as Ethereum, giving them access to DeFi.

In addition to Ethereum, the new asset will also launch on Circle’s layer-1 blockchain Arc and its Circle Mint platform, said Circle.

Cointelegraph contacted Circle for further details, but did not receive an immediate response.

Circle joins race led by Coinbase and BitGoCircle’s new wrapped Bitcoin joins a market currently led by BitGo’s Wrapped Bitcoin (WBTC) and Coinbase Wrapped Bitcoin (cbBTC).

Coinbase’s cbBTC was launched in September 2024 and has a current market capitalization of $5.9 billion and a current supply of 88,800 tokens.

BitGo’s wBTC is the dominant wrapped Bitcoin token, with a market capitalization of about $8 billion and 119,157 tokens in circulation. However, that figure is roughly half its November 2021 peak, when Bitcoin hit its cycle all-time high.

WBTC supply has declined over the past few years. Source: Dune

Crypto exchanges launched their own wrapped BitcoinSeveral crypto exchanges have launched variations of wrapped Bitcoin, including Kraken Wrapped BTC (KBTC), Gate Wrapped BTC (GTBTC), Binance Wrapped BTC (BBTC), Huobi BTC (HBTC) and OKX Wrapped BTC (XBTC), but their market caps are a fraction of the two leaders.

The total combined supply of wBTC and cbBTC stands at roughly 208,000 BTC, according to CoinGecko.

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WSJ: CoinEx Linked to Iran-Related Cryptocurrency Fund Flows

According to a Wall Street Journal report, since 2019, wallets linked to Iran have transferred over $3.84 billion in assets via cryptocurrency exchange CoinEx. On-chain data shows that CoinEx’s custodial wallet received crypto proceeds from hacks tied to Iran’s central bank, and conducted direct transactions with accounts previously designated by U.S. officials as belonging to Iran’s Islamic Revolutionary Guard Corps. Additionally, in 2024, CoinEx replaced Binance to become the largest overseas counterparty for Iranian exchange Nobitex, with the two parties recording over $763 million in fund flows last year. Between 2022 and 2025, CoinEx’s custodial wallet also processed transactions involving individuals suspected of participating in the sanctioned Iranian oil sales network.

1 seconds ago

Market Sentiment: Current sentiment among smart money and retail funds in the market is at a neutral level.

According to the latest data from SentimenTrader, as of June 24, the Smart Money Confidence Index stands at 0.56, while the Dumb Money Confidence Index is at 0.49. Both smart money and retail investor sentiment are currently in the neutral range, with no clear optimistic or pessimistic bias emerging in the market.

1 seconds ago

Sandisk's tokenized stock SNDK is now live on the Solana network.

According to official announcements, Sandisk’s tokenized stock SNDK has officially launched on Solana via Sunrise. SNDK is the tokenized stock representing SanDisk, the storage chip manufacturer. Users can now trade SNDK 24/7 through various wallets and applications within the Solana ecosystem, even when traditional stock markets are closed.

1 seconds ago

Jiang Zhuoer: This round of Bitcoin bear market may bottom out in Q4 2026, with a target range of $42,000 to $44,000.

BTC.TOP founder Jiang Zhuoer wrote in a post that Strategy’s modified net asset value (mNAV) has fallen to 0.72, near the 0.7 low hit in May 2022 during the last bear market. Citing recent market sentiment events including STRC’s depegging, he noted that mNAV is now in the bottom zone of this cycle. mNAV usually bottoms roughly six months before Bitcoin’s price. Using the "four-year cycle" and volatility decay model, Jiang projected that this Bitcoin bear market will likely bottom between October and December 2026, with a target price range of $42,000 to $44,000. He added that his recent medium-short term strategy remains focused on selling spot assets and holding short positions, and will switch to buying spot and going long once the expected bottom arrives.

1 seconds ago

The VIX Fear Index for the US stock market stands at 18.63 today, with fear sentiment intensifying in the crypto market.

According to Cboe data, the U.S. stock market's VIX Fear Index stands at 18.63 as of today, down 0.86 points from the prior reading of 19.49, marking a decline of approximately 4.41%. Separately, per Alternative data, the Crypto Fear & Greed Index is at 12 today (compared to 17 yesterday), indicating intensifying extreme fear sentiment.

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Bank of Japan Board Member: Should Accelerate Pace of Interest Rate Hikes If Upside Inflation Risks Intensify

Bank of Japan (BOJ) Policy Board member Naoki Tamura stated that if upside risks to price growth intensify further, the BOJ should not hesitate to accelerate the pace of interest rate hikes or raise rates by a larger margin. He projected that the BOJ will implement interest rate hikes every few months until its policy rate reaches the neutral level of around 2%. (Golden Ten)

1 seconds ago

WSJ: CoinEx Linked to Iran-Related Cryptocurrency Fund Flows

According to a Wall Street Journal report, since 2019, wallets linked to Iran have transferred over $3.84 billion in assets via cryptocurrency exchange CoinEx. On-chain data shows that CoinEx’s custodial wallet received crypto proceeds from hacks tied to Iran’s central bank, and conducted direct transactions with accounts previously designated by U.S. officials as belonging to Iran’s Islamic Revolutionary Guard Corps. Additionally, in 2024, CoinEx replaced Binance to become the largest overseas counterparty for Iranian exchange Nobitex, with the two parties recording over $763 million in fund flows last year. Between 2022 and 2025, CoinEx’s custodial wallet also processed transactions involving individuals suspected of participating in the sanctioned Iranian oil sales network.

1 seconds ago

Market Sentiment: Current sentiment among smart money and retail funds in the market is at a neutral level.

According to the latest data from SentimenTrader, as of June 24, the Smart Money Confidence Index stands at 0.56, while the Dumb Money Confidence Index is at 0.49. Both smart money and retail investor sentiment are currently in the neutral range, with no clear optimistic or pessimistic bias emerging in the market.

1 seconds ago

Sandisk's tokenized stock SNDK is now live on the Solana network.

According to official announcements, Sandisk’s tokenized stock SNDK has officially launched on Solana via Sunrise. SNDK is the tokenized stock representing SanDisk, the storage chip manufacturer. Users can now trade SNDK 24/7 through various wallets and applications within the Solana ecosystem, even when traditional stock markets are closed.

1 seconds ago

Jiang Zhuoer: This round of Bitcoin bear market may bottom out in Q4 2026, with a target range of $42,000 to $44,000.

BTC.TOP founder Jiang Zhuoer wrote in a post that Strategy’s modified net asset value (mNAV) has fallen to 0.72, near the 0.7 low hit in May 2022 during the last bear market. Citing recent market sentiment events including STRC’s depegging, he noted that mNAV is now in the bottom zone of this cycle. mNAV usually bottoms roughly six months before Bitcoin’s price. Using the "four-year cycle" and volatility decay model, Jiang projected that this Bitcoin bear market will likely bottom between October and December 2026, with a target price range of $42,000 to $44,000. He added that his recent medium-short term strategy remains focused on selling spot assets and holding short positions, and will switch to buying spot and going long once the expected bottom arrives.

1 seconds ago

The VIX Fear Index for the US stock market stands at 18.63 today, with fear sentiment intensifying in the crypto market.

According to Cboe data, the U.S. stock market's VIX Fear Index stands at 18.63 as of today, down 0.86 points from the prior reading of 19.49, marking a decline of approximately 4.41%. Separately, per Alternative data, the Crypto Fear & Greed Index is at 12 today (compared to 17 yesterday), indicating intensifying extreme fear sentiment.

1 seconds ago

Bank of Japan Board Member: Should Accelerate Pace of Interest Rate Hikes If Upside Inflation Risks Intensify

Bank of Japan (BOJ) Policy Board member Naoki Tamura stated that if upside risks to price growth intensify further, the BOJ should not hesitate to accelerate the pace of interest rate hikes or raise rates by a larger margin. He projected that the BOJ will implement interest rate hikes every few months until its policy rate reaches the neutral level of around 2%. (Golden Ten)

1 seconds ago

The stablecoin total market cap has reached $320.85 billion, as per DeFiLlama data. This marks a massive growth, as the stablecoin market went from $5 billion to $300 billion in just five years, as reported by the World Economic Forum.

Source: DeFiLlama In this growth, Tether’s USDT and Circle’s USDC played a major role, contributing 99.93% of the stablecoin market, according to Messari. 

However, with the rise of various other stablecoins, the dominance that the U.S. was witnessing seems to be fading away. As Mesari noted, 

Several nations have expressed interest in new currency-backed stablecoins.

In short, besides USDT and USDC, multiple stablecoins are becoming the new favorites. 

European, Chinese stablecoins steal the spotlight In Europe, the EURC, despite a small market share of 0.07%, is gaining traction.

EURC has become the largest stablecoin, with a $430 million market cap, thanks to the EU’s MiCA (Markets in Crypto Assets) framework. If the growth momentum continues, EURC is likely to reach €1.1T by 2030.

The second one is a CNY-backed stablecoin in China. Though no CNY stablecoin is live yet, the test mode in Hong Kong is already enough to grab users attention.

The latter aims to boost Renminbi [RMB] internationalization, reducing the dependence on U.S. dollars. Moreover, Circle’s CEO Jeremy Allaire also predicted a yuan-backed stablecoin to be live in the next 3-5 years.

Japan’s JPY is no exception Lastly, there are Japan’s JPY stablecoins. This stablecoin plans to issue $66 billion and provide tough competition to the European digital assets once alive.

The idea of stablecoin in Japan is to provide Japan’s users with additional digital payment options besides Japan’s cash-dominated framework.

Amidst such a rise, the BIS’s General Manager, Pablo Hernández de Cos, recently called for “international cooperation” on multiple regulatory stablecoin frameworks across jurisdictions.  

Regulatory developments in the U.S. around stablecoins This comes on the heels of the US seeing regulatory developments like the GENIUS Act passed in 2025. Additionally, there has been ongoing progress around the passage of the CLARITY Act. Senator Cynthia Lummis put it best when she said, 

It’s time Congress passes the CLARITY Act. It’s now or never.

All in all, these developments show that besides the U.S., other nations stablecoins are making room to dominate the stablecoin space.

Final Summary Besides U.S.-backed USDC and USDT, multiple other stablecoins are destined to see massive growth. Tether and Circle stablecoins contribute 99.93% of the $320.858 billion stablecoin market cap.

Spain appears to be the strongest retail market for Circle’s euro-pegged stablecoin EURC on crypto banking platform Brighty, according to company data.

Spain led EURC usage by a wide margin in 2025 and the first quarter of 2026, accounting for about 36% of transactions and 25% of volume, according to Brighty data seen by Cointelegraph.

“For Spanish users, EURC functions essentially as a standard euro on a card with no exchange rate friction when transacting against USDC,” Brighty co-founder Nick Denisenko said.

Brighty’s top countries by EURC and USDC transaction count share and volume share. Source: Brighty

The platform data offers an early look at how euro stablecoins may be used in European retail payments, as euro tokens remain small next to US dollar-pegged stablecoins like Tether's USDt and Circle’s USDC, even as policymakers seek to expand the euro's role in stablecoin markets.

Spain leads EURC retail usage shiftIssued by Circle Internet Financial Europe, the Paris-based arm of USDC issuer Circle, EURC is the largest euro-pegged stablecoin on the market. It currently accounts for about 49% of the $887 million euro-pegged stablecoin market cap, according to CoinGecko

According to Brighty, Spain shows the clearest retail-oriented usage of EURC, with relatively low average transaction sizes compared with other markets, at roughly 49 euros ($57) per payment.

Top three stablecoins by market cap as of April 30. Source: CoinGecko

Brighty data indicates EURC activity in Spain is increasingly linked to small-value payments such as peer-to-peer transfers and daily spending. This contrasts with more fragmented usage patterns in other European countries.

France and Europe’s high-value EURC stablecoin splitItaly ranked second in EURC activity, accounting for 15.5% of Brighty’s EURC transactions and 18% of volume, suggesting a mix of retail and higher-value users.

Germany followed closely, accounting for around 13% of transactions and 19% of volume, with the average payment size of 105 euros ($123).

France stood out with a much higher average transaction size of around 171 euros ($186), more than three times Spain’s level, suggesting usage tied to larger transfers rather than everyday payments.

Why Spain?According to Brighty’s Denisenko, the data suggests Spain shows the clearest retail-oriented EURC usage on its platform, which reflects higher user familiarity with crypto and stronger institutional readiness among local banking institutions.

“When we engage with counterparts at major Spanish banks, we consistently observe a remarkably high degree of competence even among frontline staff — which is not something one takes for granted elsewhere,” Denisenko said.

He added that Spanish users were among the earliest adopters of EURC on Brighty, adding that they also show particularly active engagement with stablecoin-based yield features, reinforcing consistent retail-level usage.

Denisenko added this combination of early adoption, payment-style usage and broader institutional awareness has made Spain the clearest early hub for euro stablecoin activity under European-wide Markets in Crypto-Assets Regulation (MiCA) framework.

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Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

PANews reported on May 4 that stablecoin issuer Circle announced that its French entity, Circle France, received approval from the French Financial Markets Authority (AMF) on April 20, 2026, to provide crypto-asset-related services under the EU's Crypto Asset Markets Regulation (MiCA) framework. This approval also signifies a further expansion of Circle's stablecoin and compliant payment infrastructure footprint in the EU.

This approval allows Circle France to provide custody and transfer services for its issued stablecoins USD Coin (USDC) and Euro Coin (EURC) in accordance with Article 60(4) of the MiCA and to offer such services to customers within the European Economic Area (EEA).

Circle stated that this development marks a significant step in its efforts to advance digital financial infrastructure within the European compliance framework. Chief Strategy Officer Dante Disparte said it reflects Circle's ongoing commitment to building a "trustworthy digital financial system" in France and across the EU.

Sometimes the best product strategy is just being the last one standing when regulators finish clearing the room. That’s more or less what happened with Circle’s EURC, the euro-denominated stablecoin that has seen its wallet share expand more than six times between January 2025 and March 2026.

The token’s market cap hit approximately $460.8M by March 1, 2026, giving it over 50% of the entire euro stablecoin market.

MiCA did the heavy lifting The EU’s Markets in Crypto-Assets regulation, known as MiCA, created a compliance framework that proved too steep for many competitors. Most notably, Tether’s euro-denominated products were forced off numerous EU exchanges, effectively handing Circle the keys to the market.

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Circle operates under a single French Electronic Money Institution license that is valid across all 27 EU member states, giving the company a regulatory passport that competitors either can’t match or haven’t bothered to pursue.

EURC’s circulating supply tripled from roughly 309 million tokens at the end of 2025 to about 390 million in early 2026. That’s a 23.6% jump in just three months.

From DeFi rails to checkout counters Ingenico, one of the world’s largest payment terminal manufacturers, has integrated EURC into its infrastructure. That means the stablecoin can now be spent at over 40 million global POS terminals.

A survey found that 58% of European institutions are incorporating stablecoins into their payment systems.

What the six-fold wallet growth actually tells us Wallet share tells you how many unique holders exist relative to the broader market. A six-fold increase in wallet share means EURC isn’t just attracting bigger deposits from the same whales. It’s reaching new users at a pace that dramatically outstrips the rest of the euro stablecoin field.

The supply tripling while wallet share grew six-fold suggests organic, grassroots-level adoption alongside big institutional inflows.

MiCA licenses aren’t exclusive, and competitors will eventually navigate the regulatory process. Tether has not signaled it’s giving up on Europe, and other issuers could emerge with their own EMI licenses.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

BeInCrypto Institutional 100: Top 16 Firms Leading Tokenization and On-Chain Finance

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Circle and INFINIOS team up on stablecoin infrastructure@circle and Bahrain-based fintech @InfiniosCom have signed a strategic agreement to expand stablecoin infrastructure across the Middle East. Under the agreement, INFINIOS will integrate with Circle's financial infrastructure, including $USDC, $EURC, and API-enabled onchain payment capabilities for payouts and treasury operations. The collaboration is designed to help INFINIOS deliver faster, more secure, and more globally interoperable digital payment and treasury solutions for businesses and financial institutions.

Through its integration with Circle's infrastructure, INFINIOS aims to support institutional and enterprise use cases including cross-border payments, treasury and liquidity management, and merchant settlement. The deal effectively plugs Circle's dollar and euro tokens into INFINIOS's existing payment and card stack, creating a regulated onramp for stablecoin-based finance in the Gulf.

INFINIOS is the first in the region to operate stablecoin settlements and is one of the largest regional issuers and processors of Virtual Commercial Cards. Formed in 2014, INFINIOS is licensed and regulated by the Central Bank of Bahrain as an Ancillary Services Provider, Payment Services Provider, and Card Processor. The deal pairs one of crypto's most prominent stablecoin issuers with a regional payments specialist that already holds principal membership with Mastercard.

A deepening push into Gulf marketsThe agreement is the latest move in Circle's broader regional strategy. The company incorporated an entity within the Abu Dhabi Global Market in late 2024, establishing a formal regulatory foothold. Circle previously formed a partnership with LuLu Financial Holdings to power USDC-based remittances in the region.

INFINIOS has also been building its stablecoin credentials ahead of this deal. In December 2025, INFINIOS partnered with Mastercard to adopt stablecoin settlement capabilities, specifically for $USDC and $EURC, focusing on enabling stablecoin-based funding and payments across the region. Bahrain itself has moved to create a clear legal framework for the asset class. The introduction of a licensing and regulatory framework for stablecoin issuers by the Central Bank of Bahrain signals a new era of legitimacy and regulatory clarity within the financial system, according to experts.

The Circle-INFINIOS tie-up reflects a broader race to wire Gulf payment infrastructure to stablecoin rails before the market matures. Tether has its own Middle Eastern ambitions, and local stablecoin projects are emerging as well. For Circle, securing a regulated, Mastercard-connected partner in Bahrain gives $USDC a meaningful distribution channel into a region that is moving quickly to embrace digital finance.

Sources:
INFINIOS and Circle Sign Strategic Agreement to Advance Digital Finance Infrastructure (MarketScreener / Circle official release)
Circle partners with INFINIOS to enhance digital finance infrastructure in Middle East (Crypto Briefing)
New era of legitimacy for stablecoins in Bahrain (Pinsent Masons)