Coinbase to Facilitate Euro and Euro-Pegged Stablecoin Conversions

Starting August 28, Coinbase will offer conversions between the euro and the EURC stablecoin at a 1:1 ratio in selected regions.

EURC, which mirrors the euro’s value, is compliant with the European Union’s Markets in Crypto Assets (MiCA) regulation, similar to how USDC is tied to the US dollar.

The new feature on Coinbase Advanced will allow fee-free conversions. On August 29, Coinbase will introduce an EURC-USDC order book while discontinuing the EURC-EUR and EURC-USD order books.

The move aims to streamline conversions and trading between fiat currencies and stablecoins.

Although dollar-pegged stablecoins are prevalent, euro-pegged stablecoins are significant in the market.

Euro-pegged stablecoins account for about 92% of all stablecoins on Ethereum, excluding those pegged to the dollar.