Coinbase will launch Euro Coin
On February 22, according to the official news, Coinbase will launch the Euro Coin (EUROC). If the liquidity conditions are met, the transaction will start at 9:00 p.m. on February 22, Pacific Winter Time (1:00 p.m. on February 23, Beijing Time). If sufficient asset supply is established, the EUROC-USD and EUROC-EUR trading pairs will be opened for trading in stages. Coinbase only supports EUROC on the Ethereum network. In some jurisdictions, EUROC transactions may be restricted. The euro stable currency, EUROC, was issued by Circle on Ethereum on June 30. It is 100% backed by euro-denominated reserves and can be converted into euros at a ratio of 1:1.
Interpretation of this information:
Coinbase, one of the world’s largest cryptocurrency exchanges, announced its launch of the Euro Coin (EUROC) on February 22. As per an official statement, the exchange will begin trading EUROC at 9:00 p.m. Pacific Winter Time on the same day, and the EUR and USD trading pairs will be available in stages, subject to liquidity conditions and asset supply.
However, Coinbase only supports EUROC on the Ethereum network, and some jurisdictions may impose restrictions on EUROC transactions. EUROC, a Euro-backed stablecoin, was issued by Circle on the Ethereum network on June 30, 2020. The coin is backed by 100% of euro-denominated reserves and can be converted into the Euro at a 1:1 ratio.
This move by Coinbase is a significant milestone for the Euro-backed stablecoin, which has seen steady growth in usage and demand over the past few years. This launch offers EUROC trading not only to the existing customers of Coinbase, but also lends it visibility amongst new users. This move also strengthens Coinbase’s expansion into the European market.
The digital asset market is witnessing the surge of stablecoins lately, as they represent low volatility and are more stable than other cryptocurrencies. This makes them an attractive option for both traders and investors seeking exposure to digital assets while minimizing the risk.
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