Circle’s euro-pegged stablecoin EURC has quietly amassed $76.6 million in deposits spread across 20 DeFi protocols. That’s not a massive number by USDC standards, but for a euro stablecoin operating in a market historically dominated by dollar-denominated assets, it represents a meaningful foothold.
The lion’s share of those deposits, roughly 70.9%, sits in Aave V3. That concentration tells you something about where the euro-denominated DeFi action is actually happening, and which protocol has managed to build the infrastructure that euro stablecoin users trust.
Aave V3’s outsized role
Aave V3 holds approximately $42.5 million to $42.7 million in EURC supply based on visible protocol snapshots. That means a single lending protocol accounts for more than two-thirds of all EURC deployed in DeFi.
The remaining 29% of EURC deposits are distributed across 19 other venues, including liquidity provision and foreign exchange trading pairs across multiple protocols.
