Circle has launched its euro stablecoin EURC, compliant with EU crypto asset market regulations, on South Korea's largest exchange Upbit. The trading pairs include KRW, Bitcoin, and other markets, allowing South Korean users direct access to euro-denominated stablecoins.

Public trading pairs include EURC/KRW, EURC/BTC, and EURC/USDT. The KRW pair means users can buy and sell the euro stablecoin directly with their local currency, without needing to first convert to a dollar stablecoin. EURC is designed with a 1:1 euro reserve, issued and regulated by Circle as an electronic money token licensed in France, with a circulation network that includes Ethereum, Solana, and Stellar. As of mid-August 2026, the circulation has exceeded 400 million euros, more than doubling from a year ago, and is listed as one of the largest euro stablecoins in Europe.

This follows a memorandum of understanding signed on April 13 between Circle and Dunamu, the operator of Upbit, focusing on digital asset innovation and stablecoin education; at the same time, Circle also signed with Bithumb. Circle CEO Jeremy Allaire stated in Seoul that KRW stablecoins are "essential" for global competitiveness, but Circle only provides infrastructure and does not issue KRW coins. EURC has previously launched on Coinbase, Kraken, Bitstamp, Bybit, and Bitpanda, and has entered custody and settlement stacks.

South Korea is one of the most active fiat-to-crypto markets globally, with dollar stablecoins long dominating trading pairs. The compliant euro coin entering the KRW order book brings MiCA standards into the Asian retail market, providing a direct avenue for hedging and arbitrage trading between euros, KRW, and Bitcoin.

In market mechanics, this is a rerouting of fiat channels, not a new public chain issuance. Buyers are South Korean traders holding or hedging euro exposure, as well as market makers seeking euro liquidity in Asia; sellers are Circle's minting and redemption and Upbit's order book. Beneficiaries include licensed euro stablecoin issuers and local users who incur one less layer of dollar conversion fees; those under pressure are the old paths that can only complete KRW exchanges through USDT. Funds move from KRW accounts into EURC, then depending on arbitrage, redeem in the eurozone or for on-chain payments.

Supplementary structure: Circle is simultaneously expanding EURC and USDC across multiple chains. Local KRW stablecoins have not yet been issued directly by Circle; EURC on Upbit is an imported compliant euro, not a KRW-pegged coin.

Source: Public Information