The asset looks to be the first fully supported EUR stablecoin on the market. Coinbase has listed Euro Coin (EUROC), per a corporate release dated February 28.
Circle first launched EUROC in June 2022. The asset is tied to the value of the euro and is completely backed by euros in bank accounts denominated in euros, a process that should guarantee the stablecoin may be redeemed in full at any moment.
Euro Coin is comparable to its more popular sibling, USD Coin, which is tethered to the U.S. dollar. Being founding members of Centre, the consortium initially responsible for the establishment of USDC, Coinbase and Circle have a tight connection.
EUROC looks to be the first stablecoin tied to the euro that Coinbase fully supports. According to Coinbase’s listing pages, the rival stablecoins Stasis Euro (EURS), Euro Tether (EURT), and sEUR (SEUR) may be held in a Coinbase wallet, but cannot be traded on the exchange. Other euro stablecoins, like Celo Euro (CEUR), are completely unsupported.
Coinbase also provides varied degrees of support for stablecoins pegged to the U.S. dollar, including Tether’s USDT, Maker’s DAI, and Paxos’ PAX. Not all of these stablecoins are listed on the exchange’s primary platform.
This listing comes only one day after Coinbase’s announcement that it will cease trading of the Binance USD (BUSD) stablecoin, and on the same day that the business revealed the Crypto 435 crypto policy advocacy initiative.
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