Circle adds native EURC transfers to its Cross-Chain Transfer Protocol
Circle has expanded its Cross-Chain Transfer Protocol to support native EURC transfers using the same burn-and-mint mechanism as USDC, starting with Ethereum and Base. The move gives Circle's MiCA-regulated euro stablecoin the same cross-chain infrastructure as its dollar counterpart.
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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-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.
EURC's growing footprint under MiCA
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.
Sources
Circle: Cross-Chain Transfer Protocol (CCTP)
Circle: EURC Exceeds €400 Million in Circulation
Crypto News: Circle's euro stablecoin EURC tops €400 million in circulation
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Crypto RichRich has been researching cryptocurrency and blockchain technology for eight years and has served as a senior analyst at BSCN since its founding in 2020. He focuses on fundamental analysis of early-stage crypto projects and tokens and has published in-depth research reports on over 200 emerging protocols. Rich also writes about broader technology and scientific trends and maintains active involvement in the crypto community through X/Twitter Spaces, and leading industry events.