Coinbase has announced that starting August 28, it will allow users in supported jurisdictions to perform a 1:1 conversion between euros and the euro-pegged stablecoin EURC.
Coinbase to Enable 1:1 Conversions Between Euro and MiCA-Compliant EURC Stablecoin
EURC is designed to maintain a stable value tied to the euro, much like USDC is pegged to the dollar. According to an email from Coinbase, EURC complies with the European Union’s Markets in Crypto Assets (MiCA) regulation.
The exchange confirmed that these conversions on Coinbase Advanced will happen with no associated fees. Additionally, Coinbase will launch a new EURC-USDC order book on August 29 and will discontinue existing EURC-EUR and EURC-USD trading pairs.
“These changes are designed to facilitate the most efficient conversion and trading between fiat and stablecoins,” Coinbase said in a statement.
While dollar-pegged stablecoins dominate the market, euro-pegged stablecoins lead the non-USD segment. Euro-pegged stablecoins account for approximately 92% of all non-USD stablecoin supply on Ethereum.
This move by Coinbase is in line with its broader strategy to advance crypto-fiat integration in the European market as regulatory clarity increases.
*This is not investment advice.
