As a seasoned researcher who has witnessed the evolution of the crypto market, I find Coinbase’s latest move to be an exciting step forward. Having closely followed the growth and development of stablecoins, it is fascinating to see a major player like Coinbase embracing the euro-pegged stablecoin EURC.
As a researcher, I’m excited to share that I recently discovered that Coinbase, a widely recognized cryptocurrency exchange, is set to debut a new feature starting August 28. This innovative addition enables seamless conversion between the traditional euro (EUR) and the euro-pegged stablecoin EURC on their Advanced platform. The best part? Users can swap euros for EURC at a 1:1 ratio, completely fee-free! This new option is likely to appeal significantly to those intrigued by the potential of 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 advanced trading platform Coinbase will make the conversion service available, catering primarily to experienced traders. Additionally, starting August 29th, a fresh EURC-USDC order book will be introduced by Coinbase, replacing the existing EURC-EUR and EURC-USD order books. These modifications aim to streamline the trading and conversion procedures for users dealing with fiat currencies and stablecoins.
As a crypto investor, I’ve noticed an increasing trend towards euro-pegged stablecoins in the market, even though US dollar-dominated ones like USDC are still leading. According to The Block, over 92% of all euro-pegged stablecoins on Ethereum, excluding those tied to USD, indicate a growing adoption of euro-pegged assets in the world of cryptocurrency, suggesting their increasing importance.
The latest addition by Coinbase is designed to improve the practicality and comfort of using stablecoins for its users, particularly those involved in foreign exchange. By offering stablecoins, Coinbase facilitates smoother transactions for users who wish to trade conventional stocks or currencies with digital currencies.
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2024-08-24 14:15