News

Coinbase to list Euro-pegged stable, Euro Coin

Published

1 year ago

February 22, 2023

Coinbase has announced that it will be listing a new digital asset called Euro Coin — a stablecoin pegged to the Euro and based on the ERC-20 standard. This move comes as part of the exchange’s efforts to expand its offerings and provide its users with a wider range of cryptocurrencies to trade.

The euro-backed stablecoin will be paired against the euro and U.S. dollars as EUROC-USD and EUROC-EUR on the exchange. It is intended to give customers a digital asset that is more stable than other cryptocurrencies, such as Bitcoin or Ethereum, which are more prone to price fluctuations. Coinbase will introduce Euro Coin (EUROC) functionality for the Ethereum network (ERC-20 token), and warned that sending the asset across other networks could result in the loss of the user’s fund.

This development has the potential to pave the way for further stablecoins backed by other fiat currencies to be listed on other exchanges in the future. Coinbase has announced that it anticipates Euro Coin trading on its platform beginning on Monday, 27th Feb 2023. However, the exchange also mentioned that “trading is now expected to begin on or after 9:00 AM PT on Mon 27 Feb 2023, if liquidity conditions are met.”

One of the many recent steps that Coinbase has taken to broaden the scope of its operations and appeal to a greater number of customers is the incorporation of Euro Coin onto its platform. Coinbase has recently launched support for a number of new cryptocurrencies such as Polkadot, Solana, in addition to Euro Coin. These actions are a part of the exchange’s efforts to position itself as the go-to platform for trading and investing in cryptocurrencies, as the corporation recognizes the growing popularity of digital assets.