- Coinbase will support 1:1 conversions to the euro and the euro-pegged stablecoin EURC starting on August 28.
- The EURC stablecoin follows the European Union’s MiCA regulation, meeting all necessary rules and standards.
Coinbase, one of the top cryptocurrency exchanges globally, is making significant strides in advancing its offerings in Europe, particularly in light of the European Union’s evolving cryptocurrency regulations. As part of this expansion, Coinbase is introducing conversions between the fiat euro and the euro-pegged stablecoin EURC, set at a fixed 1:1 exchange rate, starting August 28 in permitted regions.
This move particularly comes as Europe tightens its oversight of digital assets with the introduction of the Markets in Crypto Assets (MiCA) regulation. The MiCA framework aims to ensure that digital assets meet the same rigorous standards as traditional financial products. It addresses concerns about consumer protection and financial stability.
New EURC-USDC Order Book
The EURC, pegged to the euro similarly to how USDC is tied to the dollar, aligns with the new regulatory demands. This provides users with a secure and compliant option for their crypto asset transactions.
Coinbase’s decision to enable these conversions on its advanced trading platform without charging any fees is a strategic one. By removing fees, Coinbase aims to attract more users to its platform for stablecoin transactions. This move is especially targeted at the eurozone, where the adoption of digital assets is growing.
Additionally, on August 29, Coinbase will introduce a new order book pairing EURC with USDC. At the same time, it will phase out the existing EURC-EUR and EURC-USD trading pairs. This adjustment streamlines the trading process, making it easier for users to swap between fiat currencies and stablecoins.
While stablecoins tied to the U.S. dollar dominate the market, euro-pegged alternatives like EURC may increasingly gain traction. In early July, Circle became the first company to receive regulatory clearance as an EU stablecoin issuer under the new MiCA framework.
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