Coinbase is adding support for an Ethereum (ETH)-based stablecoin that aims to stay pegged to the Euro to its crypto trading platform.
The top US crypto exchange announced Euro Coin (EUROC) as the latest offering for its clients, with trading to be available after liquidity conditions are met.
“Coinbase will add support for Euro Coin (EUROC) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. Inbound transfers for this asset are available on Coinbase and Coinbase Exchange in the regions where trading is supported.
Trading will begin on or after 9AM PT on 22 February 2023, if liquidity conditions are met. Once sufficient supply of this asset is established, trading on our EUROC-USD and EUROC-EUR trading pairs will launch in phases.”
The Euro Coin listing comes after the CEO of crypto exchange giant Binance, Changpeng Zhao, said investors may turn to non-US dollar-pegged and algorithmic stablecoins amid regulatory pressure on Binance USD (BUSD).
During a Twitter Spaces AMA on Feb. 14th, Zhao said the popularity of US-pegged stablecoins may decline as regulators clamp down on these assets.
“I think given the current pressure and current stances taken by the regulators on the US dollar-based stablecoins I think that the industry will probably move away to a non-US dollar-based stablecoin and maybe also back to algorithmic (algo) stablecoins.
I think basically this is going to force industry players to look for other options, non-USD-based and more algo stablecoins… I think as a result of this, we will probably see more Euro-based or Japanese yen, Singapore dollar-based stablecoins. It’s actually prompted us to look for more options in different places. At the same time, we’re also looking at algo stablecoins.”
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