Cryptocurrency exchange Coinbase has recently announced a new feature that allows for seamless conversions between the euro and the euro-pegged stablecoin EURC. This feature will be available on the Coinbase Advanced platform starting from August 28th. Users will be able to swap euros for EURC at a 1:1 ratio without incurring any fees, making it a convenient and cost-effective option for those looking to access the benefits of stablecoins. EURC is compliant with the European Union’s Markets in Crypto Assets (MiCA) regulation and is backed by euro reserves held at regulated financial institutions within the European Economic Area (EEA). The stablecoin runs on five blockchains, including Ethereum, Solana, and Stellar. This move by Coinbase aims to provide a safe and compliant trading platform for European users.
In addition to the EURC conversion feature, Coinbase will also launch a new EURC-USDC order book on August 29th, replacing the existing EURC-EUR and EURC-USD order books. This integration of EURC further solidifies Coinbase’s position as a leading player in the European cryptocurrency market. With the growing demand for euro-pegged stablecoins, this new feature is expected to attract more users looking to exchange euros for U.S. dollars or vice versa, enhancing the overall trading experience. A study conducted in January 2023 by Circle and Uniswap researchers showed that forex trades executed on the blockchain could potentially reduce costs by up to 80%.
The issuer of EURC, Circle, announced earlier in August that the stablecoin would also be available on Base, Coinbase’s Layer-2 solution. This expansion is expected to make EURC transactions faster and more affordable compared to Ethereum and other blockchains, offering a more accessible and convenient alternative to traditional fiat currencies. Base, Coinbase’s Layer-2 solution, recently saw a surge in activity, reaching an all-time high of nearly 4 million weekly active addresses. This growth coincides with the ongoing “Onchain Summer” campaign to encourage development on the Base network. The increasing number of active addresses on Base confirms the growing popularity and adoption of the platform as a scalable and cost-effective solution for decentralized applications (DApps).
The seamless conversions between the euro and EURC on Coinbase’s Advanced platform will provide users with a convenient and cost-effective way to access the benefits of stablecoins. By complying with the European Union’s regulations, Coinbase aims to offer a safe and compliant trading platform for European users. The integration of EURC on Coinbase further strengthens the exchange’s position in the European cryptocurrency market. With the introduction of a new EURC-USDC order book and the availability of EURC on Base, Coinbase’s Layer-2 solution, users will have more options for trading and accessing euro-pegged stablecoins.
EURC, backed by euro reserves and compliant with MiCA regulations, runs on five different blockchains, offering users a wide range of options for transactions. The recent surge in activity on Base, Coinbase’s Layer-2 solution, reflects the growing popularity of the platform as a scalable and cost-effective solution for decentralized applications. The successful integration of EURC on Base and the new EURC-USDC order book on Coinbase’s Advanced platform mark another milestone in the adoption of stablecoins and blockchain technology in the European market. With the increased accessibility and affordability of EURC transactions, users can expect a more seamless and efficient trading experience on Coinbase.
