America’s largest cryptocurrency exchange Coinbase has announced that it will list Euro Coin (EUROC), a euro-backed stablecoin in trading supported regions.
Coinbase reported on Tuesday, February 21 that it will begin trading EUROC issued by Circle under the same full reserve model as USDC on Wednesday, February 22, if liquidity conditions are met.
However, Coinbase updated the listing day in a tweet it shared earlier on Wednesday. Coinbase announced in its Twitter post that the trade will take place on Monday, February 27, 2023, if the liquidity conditions are met. He adjusted the planned support for the EUROC listing and stated that stablecoin trading will begin in supported regions at 09:00 on Monday, February 27, if liquidity conditions are met.
An Alternative to Dollar-Backed Stablecoins?
Once the asset is listed, users will be able to trade stablecoins with EUROC/USD and EUROC/EUR pairs. Coinbase said that since EUROC is listed as an ERC-20 token on the Ethereum network, sending the asset to other blockchain networks could result in a loss of funds.
According to the announcement, EUROC will be launched with the “Experimental Label” designated for new or low-volume tokens on the exchange. The label is used to increase Coinbase’s transparency and help customers make informed decisions.
Dollar-backed stablecoins such as USDC, USDT, and BUSD have gained dominance since their launch. However, recently regulators in the United States have brought these assets under scrutiny.
Following a Wells notice from the Securities and Exchange Commission, the New York Department of Financial Services (NYDFS) ordered Binance USD (BUSD) issuer Paxos to cease issuing stablecoins.
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