JAKARTA - Coinbase, one of the largest crypto exchanges in the world, has registered a new stablecoin known as Euro Coin (EUROC). Previously, Circle had introduced a new EUROC stablecoin in June 2022.
According to the company's announcement on February 28, the EUROC will be backed 100 percent by euros in EUR's nominated bank account. This guarantees that stablecoins can be redeemed completely at any time with a set euro value.
As a stablecoin similar to USD Coin or USDC, pegged to the US dollar, EUROC became the stablecoin pegged with the first euro fully supported by Coinbase. Coinbase and Circle have close ties as the two founding members of the Center, a consortium responsible for launching the USDC.
Although Coinbase also keeps several other stablecoin euros, such as Stasis Euro (EURS), Euro Tether (EURT), and SEUR (SEUR), only EUROC can be traded on exchanges. In addition, other stablecoin euros, such as Celo Euro (CEUR), are not supported by Coinbase.
The crypto exchange also offers various levels of support for US dollar stablecoins, namely USDT from Tether, DAI from Maker, and PAX from Paxos. However, not all of these stablecoins are listed on the main exchange.
This EUROC listing comes just one day after Coinbase announced that it would suspend the Binance USD (BUSD) stablecoin trade. Meanwhile, on the same day, the company launched a crypto policy advocacy program, namely Crypto 435.
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