US cryptocurrency exchange Coinbase is a Euro-backed stablecoin in trading regions. Euro Coins announced that it has added support for (EUROC).
Coinbase confirmed on Tuesday, February 21, that it will begin trading Euro Coin (EUROC), an ERC-20 token issued by Circle, under the same full reserve model as USDC, on Wednesday, February 22, if liquidity conditions are met.
However, earlier today EUROC The planned support for the listing has officially started. Thus, stablecoin trading will start on or after 09:00 CEST on Monday, February 27, in its supported regions if the liquidity conditions are met. stated.
Update: Trading is now expected to begin on or after 9:00 AM PT on Mon 27 Feb 2023, if liquidity conditions are met. https://t.co/S3mL7r5mvT
NEWS CONTINUES BELOW— Coinbase Assets (@CoinbaseAssets) February 22, 2023
Users will be able to trade stablecoins against EUROC/USD and EUROC/EUR pairs. coinbaseannounced that since EUROC is listed as an ERC-20 token on the Ethereum network, sending the asset to other blockchain networks could result in a loss of funds.
The EUROC stablecoin will be launched with the “Experimental Label” designated by Coinbase for new or low-volume tokens. The exchange uses this label to increase transparency and help investors make informed decisions.
EUROC Offers Alternative to Dollar-Backed Stablecoins
Dollar-backed stablecoins such as USDC, USDT, and BUSD have dominated since their launch. However, they have recently come under greater scrutiny by regulators in the United States.
Following the Wells Notice from the SEC, the New York Department of Financial Services (NYDFS) ordered Binance USD (BUSD) issuer Paxos to cease issuing stablecoins.