Some EURC visible on-chain is still outside circulating supply.
Circle's October 23 Gateway update explains that its new EURC pre-mint address on $SOL holds tokens before their authorized release. Transfers from that address to users increase circulation, so a raw token-supply figure needs that context before it's read as fresh demand.
There's a practical warning too: Circle says these addresses are for its own use. Sending EURC to one will result in lost funds.
Circle's October 23 Gateway update explains that its new EURC pre-mint address on $SOL holds tokens before their authorized release. Transfers from that address to users increase circulation, so a raw token-supply figure needs that context before it's read as fresh demand.
There's a practical warning too: Circle says these addresses are for its own use. Sending EURC to one will result in lost funds.