Cryptocurrency exchange Coinbase has introduced a new seamless conversion feature between the Euro and the euro-pegged stablecoin, EURC. Scheduled to commence on Aug. 28, this initiative aims to provide users with a convenient and cost-effective method to exchange euros for EURC at a 1:1 ratio on the Coinbase Advanced platform. The conversion will be free of any fees, enhancing accessibility for those interested in leveraging the advantages of stablecoins.
EURC Brings Low-Cost, Borderless Transactions to Coinbase
EURC, an ERC20 token issued by stablecoin provider Circle, is a Euro-pegged stablecoin compliant with the European Union's Markets in crypto Assets (MiCA) regulations. Backed by euro reserves held at regulated financial institutions within the European Economic Area (EEA), EURC operates on multiple blockchains including Avalanche, ethereum, Solana, Stellar, and Base.
Coinbase's decision to integrate EURC aligns with its commitment to offering a secure and compliant trading environment for European users. Furthermore, the platform will introduce a new EURC-USDC order book on Aug. 29, replacing existing EURC-EUR and EURC-USD order books.
The utilization of EURC reinforces Coinbase's prominence in the European cryptocurrency market. As the demand for Euro-pegged stablecoins continues to rise, this new feature is anticipated to attract more users seeking to exchange euros for U.S. dollars and vice versa, enhancing the overall trading experience.
Research conducted in January 2023 and jointly published by Circle and Uniswap suggests that blockchain-based forex trades could potentially reduce costs by up to 80%. This highlights the transformative potential of blockchain technology in facilitating global trade and commerce.
Coinbase's Base Booms with 4 Million Users
Circle's recent announcement revealed that EURC would also be available on Base, Coinbase's Layer-2 solution. This expansion is expected to enhance the speed and affordability of EURC transactions compared to traditional blockchains like ethereum, offering a more accessible alternative for digital commerce.
Base witnessed a significant increase in activity last week, achieving an all-time high of nearly 4 million weekly active addresses. This surge coincides with the ongoing "Onchain Summer" campaign aimed at promoting development on the Base network, underscoring its growing popularity as a scalable and cost-effective platform for decentralized applications (DApps).
As cryptocurrency markets continue to evolve, initiatives like the integration of EURC on Coinbase and the growth of Base reflect the industry's ongoing commitment to innovation, efficiency, and user accessibility.
