Coinbase Lists Euro-Pegged Stablecoin
Coinbase has announced the listing of Euro Coin (EUROC), a stablecoin backed by the euro and issued by the same entity behind USDC.
Starting February 22, users can begin trading EUROC, provided supply conditions are met. However, Coinbase has labeled EUROC as “experimental,” a designation for newly launched tokens or those with low trading volumes.
Coinbase will add support for Euro Coin (EUROC) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. Inbound transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets 🛡️ (@CoinbaseAssets) February 21, 2023
The exchange has also advised investors not to send EUROC to networks other than Ethereum to avoid potential losses.
Additionally, Coinbase plans to introduce EUROC-USD and EUROC-EUR trading pairs in the near future.
EUROC is issued by Circle, the company behind USDC. It is fully backed by euros held in banks like BNY Mellon and is audited by Grant Thornton LLP, which provides monthly reserve reports.
According to the latest data on Circle's website, the circulating supply of EUROC is 31.4 million, equivalent to 31.4 million euros held in bank accounts.
EUROC Information. Source: Circle
The stablecoin sector is currently under scrutiny following recent developments with BUSD. The U.S. Securities and Exchange Commission (SEC) has announced a lawsuit against Paxos, alleging that BUSD qualifies as a security. This signals potential regulatory action impacting the entire stablecoin market.
