Circle’s euro-pegged stablecoin EURC has accumulated $76.6 million in deposits across 20 decentralized finance protocols. The lending protocol Aave V3 alone holds approximately 71% of these deposits, representing between $42.5 and $42.7 million. The total circulating supply of EURC stands at approximately €410.6 million as of August 17, 2026, meaning the funds deposited in DeFi represent between 18 and 19% of the total supply. This concentration on a single protocol exposes the entire EURC DeFi ecosystem to risk of technical, regulatory, or governance disruption. MiCA’s regulatory framework in Europe creates favorable conditions for compliant euro stablecoins.
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