Coinbase has announced the addition of Euro Coin (EUROC), an Ethereum-based stablecoin pegged to the Euro, to its trading platform. This move highlights a potential shift towards stablecoins pegged to other currencies, as investors seek alternatives amidst regulatory scrutiny.
What is Euro Coin -EUROC?
Euro Coin, the latest stablecoin to hit the market, is issued by Circle, the same company that created USD Coin (USDC). This digital stablecoin is backed by a full reserve of euros held in euro-denominated banking accounts at financial institutions, with American Silvergate Bank being the first institution to hold the Euro Coin reserve. As a trusted stablecoin, Euro Coin offers users a reliable and secure way to store value without the volatility associated with other cryptocurrencies.
When can you trade EUROC on Coinbase?
Coinbase has added support for Euro Coin (EUROC) and will facilitate trading on or after 9AM PT on February 22, 2023, once liquidity conditions are met. The EUROC-USD and EUROC-EUR trading pairs will launch in phases after sufficient supply of the asset is established.
Shift to Non-USD Stablecoins
Coinbase’s decision to add support for Euro Coin may be seen as a strategic move to stay ahead of the game and meet the changing needs of investors in the crypto sector. As the regulatory landscape evolves and investors seek alternatives to traditional US dollar-based stablecoins, the rise of new stablecoins not pegged to the dollar, may pave the way for a more diverse and resilient crypto ecosystem.