Coinbase will introduce a EURC-USDC order book and retire the EURC-EUR and EURC-USD books.
On August 28, Coinbase will enable its users to exchange euros for the euro-pegged stablecoin, EURC, at a 1:1 ratio. This is significant because EURC adheres to the European Union’s Markets in Crypto Assets (MiCA) regulations.
The integration of this feature will facilitate the efficient and seamless execution of transactions in accordance with EU regulations.
Coinbase To Support 1:1 Euro to EURC Conversion
According to a recent report, Coinbase plans to launch a one-to-one conversion feature for EUR to the stablecoin EURC on August 28. The transaction will be free of fees, as the conversion will be accessible on Coinbase Advanced.
This will increase the appeal to users who are seeking to conduct transactions within a compliant framework. Furthermore, the new service complies with the European Union’s MiCA regulations, which aim to standardize crypto asset activities across the continent.
As a result, the exchange will introduce a new EURC-USDC order book and phase out the prior EURC-EUR and EURC-USD order books on August 29, following the introduction of the new feature.
Significance of EURC in the Crypto Market
Additionally, the integration of EURC is a critical development for the crypto market and Coinbase, particularly in the European Union.
EURC’s linkage to the euro ensures a consistent medium of exchange, thereby mitigating the volatility frequently associated with digital currencies. By complying with MiCA regulations, it establishes a precedent for security and conformance in crypto financial transactions.
European stablecoins make up a significant portion of the non-USD stablecoin market. Approximately 92% of the total supply on the Ethereum blockchain consists of stablecoins linked to the euro, excluding those anchored to the dollar.
Support For Polygon Ecosystem Token
In addition to this development, Coinbase has recently expanded its product line by incorporating the Polygon Ecosystem Token (POL) into its trading platform. During the scheduled integration on August 26, the trading platform will switch the ticker from MATIC to POL.
This development is a component of the crypto exchange’s endeavors to promote innovations on the Ethereum and Polygon networks. Users will temporarily stop depositing MATIC on the Polygon Proof of Stake (PoS) system in order to prepare.
