The asset appears to be the first EUR stablecoin fully supported by the exchange.
Cover art/illustration via CryptoSlate
Coinbase has listed Euro Coin (EUROC), according to an announcement from the company on Feb. 28.
EUROC was originally introduced by Circle in June 2022. The asset is pegged to the value of the euro and is 100% backed by euros in EUR-denominated bank accounts — a practice that should ensure the stablecoin can be fully redeemed at any time.
Euro Coin is similar to its better-known counterpart, USD Coin or USDC, which is pegged to the American dollar. Coinbase and Circle maintain a close relationship as the two founding members of Centre, the consortium originally responsible for launching USDC.
EUROC appears to be the first Euro-pegged stablecoin that is fully supported by Coinbase. According to Coinbase’s listing pages, the competing stablecoins Stasis Euro (EURS), Euro Tether (EURT), and sEUR (SEUR) can be custodied in the Coinbase wallet but not traded on the exchange. Other euro stablecoins, such as Celo Euro (CEUR), are not supported at all.
Coinbase also offers varying levels of support for the U.S. dollar stablecoins Tether’s USDT, Maker’s DAI, and Paxos’ PAX. Not all of those stablecoins are listed on its main exchange.
Today’s listing comes just one day after Coinbase announced that it would suspend trading of the Binance USD (BUSD) stablecoin — and on the same day that the company unveiled its crypto policy advocacy program, Crypto 435.
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