USD Coin (USDC) AUC on Kraken Rose More Than 30% in a Year

Kraken’s USDC AUC reading rose more than 30% from September 2025 to September 2026, while cumulative EURC trading neared one billion tokens and DeFi Earn vaults received $350 million worth of USDC deposits by September 2026.

The figures cover different activity across Kraken. The AUC reading tracks USDC, the EURC total counts cumulative trading since listing, and DeFi Earn’s figure covers USDC deposited into vaults. Kraken’s EURC balance grew from nearly 4 million tokens in October 2025 to more than 75 million by September 2026. Monthly EURC trading topped 100 million tokens in several months.

These measures are not interchangeable. The AUC comparison spans a year, EURC trading accumulates activity since listing, and the DeFi Earn figure describes USDC deposited by September 2026. Kraken’s EURC balance is a separate measure from its cumulative trades.

EURC is a euro-backed stablecoin redeemable one-for-one for euros. It had 433.4 million tokens in circulation as of Oct. 26, 2026. That point-in-time supply figure differs from Kraken’s cumulative trading total. USDC is the dollar-denominated stablecoin in the AUC and DeFi Earn figures.

Kraken and Circle announced a partnership on Sept. 17, 2025, with plans to expand USDC support, increase liquidity, lower conversion fees and add EURC. Kraken made EURC available for trading in September 2025. The partnership announcement preceded the AUC comparison period’s September 2026 endpoint.

Kraken launched DeFi Earn on Jan. 26, 2026. The product routes USDC through Veda vaults, which supply liquidity to onchain lending protocols. Deposits are converted to USDC if needed before entering a vault. Rewards vary, and users can lose assets.

“Stablecoins are one of crypto’s most compelling use cases,” said Mark Greenberg, chief commercial officer at Payward and Kraken.