Coinbase, the popular cryptocurrency exchange, has announced that it will begin offering seamless conversions between the euro (EUR) and the euro-pegged stablecoin EURC starting on August 28. This new feature will allow users on the Coinbase Advanced platform to swap euros for EURC at a 1:1 ratio without any fees. It will make it an attractive option for those interested in using stablecoins.
EURC is also an ERC20 token, and Circle is the same firm that operates the USDC stablecoin tied to the U.S. dollar. It is aimed at retaining the value of the euro and is compatible with the European Union’s Markets in Crypto Assets (MiCA) regulation. This regulation guarantees that the stablecoin is anchored with euro reserves in the regulated financial institutions in the European Economic Area (EEA).
Coinbase Advanced to Launch EURC-USDC Order Book on August 29
The conversion service is expected to be accessible through Coinbase Advanced, an outstanding trading platform for superior users. Moreover, there will be a new order book added by Coinbase for EURC-USDC active on August 29, alongside the current EURC-EUR and EURC-USD order books being delisted. These changes are intended to enhance the trading and conversion process for the users interacting with the fiat and stablecoins.
While the US dollar dominant stablecoins such as USDC continue to lead the market, more adoption of euro-pegged stablecoins is currently being witnessed. As per the information available at The Block, mass euro-pegged stablecoins represent approximately 92% of all euro-pegged stablecoins that are present on the Ethereum network except those that are linked to USD. This growing presence shows more and more significance of euro-pegged assets in the process of cryptocurrency.
The new feature introduced by Coinbase aims at enhancing the usability and convenience of stablecoins for users, especially those engaging in the forex sector. With the stablecoins, Coinbase is making it easier for users to trade other traditional equity or currencies with digital currencies.
