Coinbase to Offer MiCA-Compliant EURC Conversions Starting Aug. 28

Last updated:

Editor

Veronika Rinecker

Editor

Veronika Rinecker

About Author

Veronika Rinecker is based in Germany, studied international journalism and media management. She specializes in politics and regulation, energy, blockchain, and fintech. Since 2017, she has been…

Last updated:

Why Trust Cryptonews

With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews

Cryptocurrency exchange Coinbase has announced that it will offer seamless conversions between the Еuro and the euro-pegged stablecoin, EURC, starting Aug. 28.

According to The Block’s article from Aug. 22, the upcoming feature will allow Coinbase users to easily swap euros for EURC at a 1:1 ratio on the Coinbase Advanced platform. This conversion will be fee-free, making it a convenient and cost-effective option for those looking to access the benefits of stablecoins.

EURC Brings Low-Cost, Borderless Transactions to Coinbase

EURC is an ERC20 token issued by stablecoin issuer Circle, the same company behind USDC, a digital stablecoin pegged to the United States (U.S.) dollar. 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).

EURC runs on five blockchains – Avalanche (AVAX), Ethereum (ETH), Solana (SOL), Stellar (XLM) and Base.

EURC is supported now on Base, Avalanche, Ethereum, Solana and Stellar
EURC is now supported on Base, Avalanche, Ethereum, Solana, and Stellar. Source: Circle

By aligning with MiCA regulations, Coinbase aims to provide a safe and compliant trading platform for European users.

In conjunction with the EURC conversion, Coinbase will also launch a new EURC-USDC order book on Aug. 29. This will replace the existing EURC-EUR and EURC-USD order books.

The integration of EURC further solidifies Coinbase’s position as a leading player in the European cryptocurrency market. According to the exchange, as demand for euro-pegged stablecoins continues to grow, this new feature is expected to attract more users looking to exchange euros for U.S. dollars or vice versa, and enhance the overall trading experience.

According to a study conducted in January 2023 and jointly published by researchers at Circle and Uniswap, forex trades executed on the blockchain could potentially reduce costs by up to 80%.

Blockchain transactions can benefit global trade and commerce. Source: Circle x Uniswap
Blockchain transactions can benefit global trade and commerce. Source: Circle x Uniswap

Coinbase’s Base Booms with 4 Million Users

Circle, the issuer of EURC, 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.

Last week, Base 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. At the same time, this number confirms the growing popularity and adoption of Base as a scalable and cost-effective platform for decentralized applications (DApps).

You May Also Like