Coinbase Introduces EURC Conversion

Coinbase will enable conversions between the fiat euro and the euro-pegged stablecoin EURC at a one-to-one ratio in supported jurisdictions on Aug. 28.

EURC is pegged to the euro’s value, similar to how USDC is pegged to the dollar’s value. According to a recent email from Coinbase, EURC complies with the European Union’s new Markets in Crypto Assets regulation, known as MiCA.

The conversions available on Coinbase Advanced will be free of associated fees. Additionally, Coinbase will list a new EURC-USDC order book on Aug. 29, while deprecating its existing EURC-EUR and EURC-USD order books. Coinbase states, “These changes are designed to enable the most efficient conversion and trading between fiat and stablecoins.”

While dollar-pegged stablecoins dominate the market, euro-pegged stablecoins make up the majority of non-USD stablecoins. According to The Block’s Data Dashboard, euro-pegged stablecoins constitute about 92% of the supply of all stablecoins on Ethereum when excluding dollar-pegged ones.