In this analysis, you will learn about EUROC, a new stablecoin backed by the Euro and built on the Avalanche blockchain. I conducted an in-depth review of the EUROC stablecoin, focusing on the following parameters:

Total Supply: I determined the total supply of the EUROC stablecoin available on the Avalanche blockchain.

Adoption Metrics: I analyzed key adoption metrics, such as the number of transactions conducted using the EUROC stablecoin on the Avalanche network.

Unique Holders: I evaluated the number of unique holders of the EUROC stablecoin on the Avalanche blockchain.

Additionally, I explored the activities of EUROC users, investigating their origins and identifying other tokens they utilize on the Avalanche chain.

Top Destinations for EUROC

The chart on the left represents the destinations of EUROC amounts by users. It should be noted that these platforms may utilize other platforms to complete the transactions, but we are solely focusing on the destinations.

The data shows that Trader Joe's is the top destination for EUROC users, with 346 transactions and 588K EUROC tokens. Following closely is Paraswap, with 48 transactions and a comparable amount to Trader Joe, reaching 524K EUROC tokens.

Share of Stables on Avalanche

Since the launch of EUROC on the Avalanche blockchain, it has yet to capture a significant share compared to other stablecoins on the platform. As of May 25, 2023, USDC remains the dominant stablecoin with the highest volume share, accounting for 91% compared to other stablecoins.

However, despite this initial market landscape, EUROC has shown promising growth within a short period, surpassing both USDT and BUSD in terms of volume on the Avalanche network.

A few days ago, Circle introduced EUROC, the Euro Coin, on the Avalanche blockchain. Users can now mint, purchase, swap, trade, sell, and redeem the native $EUROC tokens on the Avalanche network.

Initial tests were conducted for minting EUROC at the start of May, but excluding that period, on May 25, 2023, approximately 1.045 million EUROC tokens were successfully minted on the Avalanche blockchain. In just two days following the minting, the total supply of EUROC tokens rapidly grew to nearly 1.6 million.

In the charts provided, I have excluded mint and burn transactions to focus solely on transactions and volume involving EUROC.

Since May 25, there have been approximately 678 transactions that included EUROC. According to the Daily chart, the total daily EUROC transactions have increased significantly from 22 to 205. In less than a week, the number of transactions has multiplied by 10.

Regarding the transferred amount between users and platforms, approximately 4.3 million EUROC tokens have been transferred. It's important to note that the total supply of EUROC is 1.6 million, so 4.3 million represents the total amount transferred and not the overall supply. Unlike the transaction count, the amount chart shows a declining trend.

From the current data, it can be observed that approximately 56 unique users are holding EUROC in their wallets, with an average of 27K EUROC per wallet. Additionally, there are a total of 96 wallets that have engaged in activities such as selling, transferring, or adding liquidity with EUROC tokens.

Many users, forming a large group, hold below 10 EUROC in their wallets. On the other hand, the top holders of EUROC possess a substantial amount, with a total of 829K EUROC in their respective wallets.