Coinbase Introduces EURC Stablecoin for 1:1 Conversions with Euro
Starting in late August, Coinbase users will have the opportunity to engage in 1:1 conversions between the Euro and a new stablecoin called EURC. This stablecoin, issued by Circle, will be pegged to the Euro at a 1:1 ratio and is fully backed by Euros held in designated bank accounts.
The introduction of EURC on Coinbase is in line with the new MiCA regulation of the European Union, ensuring compliance and regulatory adherence for users participating in this conversion. Furthermore, it has been reported that conversions on Coinbase Advanced will incur no additional fees, making it an attractive option for users.
Expanding EURC Stability with Coinbase Base Integration
Following the recent announcement from Circle about the launch of EURC on Base, the integration of this stablecoin on Coinbase’s blockchain platform is set to enhance transaction speed, cost-efficiency, and accessibility for users. With Base offering faster and cheaper transactions compared to other blockchains, the adoption of EURC is poised to grow among the crypto community.
Despite having been introduced to the market just over two years ago, EURC has shown fluctuations in its market capitalization over the years. Following a peak above $80 million in 2022 and a subsequent decline below $30 million post-FTX collapse, the current market cap stands at $57.2 million.
Enhancements in USDC and EURC Versions
In November 2023, Circle unveiled version v2.2 for USDC and EURC, focusing on improving the stability and efficiency of these stablecoins. The update aimed to reduce transaction fees by approximately 7% while enhancing security on EVM networks and boosting the overall efficiency of crypto resources.
By January 2024, the new version of both stablecoins was successfully implemented, showcasing Circle’s commitment to innovation and user experience without requiring community intervention.
Hot Take: Coinbase Embraces EURC for Seamless Conversions
Coinbase welcomes the stablecoin EURC and will enable 1:1 conversions with the fiat currency Euro, starting from August 28. EURC is an ERC20 token that complies with the European MiCa regulation, issued by Circle (the same issuer of USDC).
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