USDC (opens in a new tab) is a dollar stablecoin from Circle, so paying for it in euros is two transactions in one: a crypto purchase and a currency exchange. Each token is meant to be worth one US dollar, which means its euro value rises and falls with the EUR/USD rate. At the ECB reference rate of 15 October 2026, $1.1208 to the euro, one USDC came to roughly €0.89 before fees. Circle's token tied to the euro instead is EURC.
Circle has issued USDC since September 2018. According to Circle, more than 72 billion were in circulation on 16 October 2026, about two thirds of them on Ethereum. Most of the reserve sits in the Circle Reserve Fund, a US government money market fund managed by BlackRock and held in custody at BNY Mellon, with the rest held as cash at regulated financial institutions. A Big Four accounting firm checks every month that the reserve at least matches the tokens outstanding.
For Europe, the relevant issuer is Circle Internet Financial Europe SAS, an electronic money institution in Paris supervised by France's ACPR. ESMA's interim MiCA register has listed it as an e-money token issuer since 1 July 2024. That matters, because under MiCA only banks and e-money institutions may offer a token like this to the public or have it admitted to trading in the EU. Tether, the company behind USDT, is not in that register; our stablecoins overview sets the two side by side with other tokens.
Being an e-money token gives you specific rights. Holders resident in the EEA have a claim on Circle's French company and may redeem their tokens at par at any time, subject to anti-money-laundering checks. Direct redemption runs through Circle Mint, which only serves institutions, so individuals in practice sell USDC for euros on a platform. The token pays nothing itself: Circle may earn a return on the reserve, but its white paper states that holders have no right to any of it.
USDC is not a bank deposit, and its market price has slipped well below a dollar before, as the questions below explain.
Official website: www.circle.com (opens in a new tab)