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Coinbase Launches Euro-Linked Stablecoin EUROC, Cannot be Traded

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It is reported that Coinbase Assets announced on social media that Coinbase, the cryptocurrency exchange, has launched the Circle Euro stable currency EUROC. I…

Coinbase Launches Euro-Linked Stablecoin EUROC, Cannot be Traded

It is reported that Coinbase Assets announced on social media that Coinbase, the cryptocurrency exchange, has launched the Circle Euro stable currency EUROC. It is reported that this stable currency or the first euro-linked stable currency supported by Coinbase can be hosted in Coinbase wallet, but it cannot be traded in this exchange. EUROC launched a link to the value of the euro in June 2022, and Circle said that the stable currency has 100% support in bank accounts denominated in the euro.

Coinbase: Circle Euro stable currency EUROC has been launched

Interpretation of the news:


Coinbase, the well-known cryptocurrency exchange, has launched a new stablecoin named EUROC, as per a social media announcement by Coinbase Assets. Unlike other cryptocurrencies, stablecoins are pegged to the value of underlying assets like fiat currencies, commodities or precious metals, providing a stable value that is less volatile and more secure. Coinbase’s EUROC is the first euro-linked stablecoin supported by the exchange, which can be stored in Coinbase wallets but not traded on the exchange.

The EUROC was launched with a link to the value of the euro in June 2022, and it is based on an open-source blockchain protocol called Ethereum, which ensures transparency and security of transactions. Circle, the fintech firm that introduced USDC, the world’s top stablecoin in 2018, has developed EUROC. Circle stressed that EUROC has 100% support in bank accounts denominated in the euro, ensuring stability in the euro-linked stablecoin, which is essential to gain public and institutional trust and increase adoption.

While Coinbase has been providing support for USDC since 2018, the company has also faced legal scrutiny with the US Securities and Exchange Commission (SEC) regarding the listing of its own stablecoin, USDC. Given this regulatory pressure, Coinbase’s cautious approach to EUROC seems understandable. It remains unclear whether Coinbase has plans to support EUROC trading in the future or not.

Furthermore, stablecoins have been gaining attention as an alternative mode of payment, especially for remittances due to their stable value and lower transaction fees than traditional services. The Bank for International Settlements (BIS) has emphasized the growing importance of stablecoins and said they could become a potential competitor to traditional payment systems in the future.

In summary, Coinbase’s EUROC is the latest addition to the stablecoin market, benefiting from Circle’s expertise and the security and stability of the euro. Though not available for trading on the Coinbase exchange, it is an encouraging development for those seeking a more reliable digital currency ecosystem.

In conclusion, the launch of EUROC will not only provide an alternative digital currency with less volatility but also offer more transparency and security in transactions. Moreover, it highlights the significance of stablecoins as an emerging and promising payment method, and economies globally will watch how the market acceptance of EUROC pans out.

Overall, the EUROC will be an interesting coin to watch in the future as it competes with other stablecoins to establish itself in the market.

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