Coinbase is set to launch a significant feature on August 28, allowing users to convert the fiat euro directly to its euro-pegged stablecoin, EURC, at a one-to-one ratio. This new functionality will be available in supported jurisdictions and aims to streamline the conversion process for users looking to engage with stablecoins.EURC is designed to maintain parity with the euro's value, similar to how USDC is pegged to the U.S. dollar.
Key Highlights:
Currently, stablecoins pegged to the euro represent a significant portion of the non-USD stablecoin market. According to The Block's Data Dashboard, euro-pegged stablecoins account for approximately 92% of the total supply of stablecoins on Ethereum when excluding dollar-pegged options. This shift reflects the growing demand for euro-based stablecoins as the cryptocurrency market continues to evolve.Read more at The Block.
- The introduction of EURC aligns with the European Union's new Markets in Crypto Assets (MiCA) regulation, which aims to create a comprehensive regulatory framework for cryptocurrencies and stablecoins in the region.In addition to the conversion feature, Coinbase will introduce a new EURC-USDC order book on August 29, while deprecating its existing EURC-EUR and EURC-USD order books. This strategic move is intended to enhance the efficiency of trading and conversions between fiat currencies and stablecoins.
