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On Aug. 28, Coinbase will allow conversions between the fiat euro and the euro-pezed stablecoin at a one-to-one ratio in supported countries.
Like USDC is meant to be tethered to the value of the dollar, EURC is linked to the value of the euro. An email from Coinbase said EURC follows the European Union’s new Markets in Crypto Assets rule, sometimes referred to as MiCA.
There will be no costs associated with the conversions accessible on Coinbase Advanced. While deprecating its current EURC-EUR and EURC-USD order books, Coinbase will also offer a fresh EURC-USDC order book on Aug. 29. The exchange noted, “These changes are meant to enable the most efficient conversion and trading between fiat and stablecoins.”
Though dollar-pegged stablecoins rule the market, euro-pegged stablecoins account for the lion’s share of non-USD stablecoins. Except for dollar-pegged stablecoins, stablecoins linked to the euro account account for around 92% of all stablecoins on Ethereum.
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