Circle Euro Stablecoin Finally Gets A Run On Coinbase
Trading of EUROC on Coinbase will begin at 9 am PT on Feb. 22, pending liquidity conditions
Skorzewiak/Shutterstock.com modified by Blockworks
Coinbase, one of the largest centralized crypto exchanges in the world, is adding Circle’s euro-pegged stablecoin (EUROC) to its token roster.
EUROC is a stablecoin issued by Circle pegged one-to-one to the euro through overcollateralized euro-backed reserves.
Circle’s widely-used USD token (USDC) is the second-largest stablecoin in the world, first deployed by Centre, a consortium it co-founded with Coinbase in 2018.
The trading of EUROC on Coinbase will begin at 9 am PT on Feb. 22, pending liquidity conditions, Coinbase Assets tweeted.
“Once sufficient supply of this asset is established, trading on our EUROC-USD and EUROC-EUR trading pairs will launch in phases,” the company said.
A Circle spokesperson previously told Blockworks that the stablecoin would adhere to “prudential standards” that apply to existing fintech and payments companies in the US including PayPal, Stripe, Square and Venmo.
EUROC’s market capitalization is still relatively low, at $33.9 million, compared to Tether’s EURT, which has a market capitalization of $218 million, per CoinGecko.
Coinbase’s EUROC will be tagged with an experimental label — often given to tokens that are new to the Coinbase platform or have low trading volume. The issuance of the token may too, be restricted in a handful of jurisdictions.
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