Circle Euro Stablecoin Gets A Run On Coinbase

Coinbase is making the news again due to the latest reports that are revealed. Check out the new info about Circle Euro Stablecoin below.

It’s been just revealed the fact that Coinbase which is one of the largest centralized crypto exchanges in the world, is adding Circle’s euro-pegged stablecoin (EUROC) to its token roster.

According to the latest reports coming from the online pubcalition Blockworks, EUROC is a stablecoin issued by Circle pegged one-to-one to the euro through overcollateralized euro-backed reserves.

“Circle’s widely-used USD token (USDC) is the second-largest stablecoin in the world, first deployed by Centre, a consortium it co-founded with Coinbase in 2018,” according to the latest reports.

It’s been also revealed the fact that the trading of EUROC on Coinbase will begin at 9 am PT on Feb. 22, pending liquidity conditions, Coinbase Assets tweeted.

“Once sufficient supply of this asset is established, trading on our EUROC-USD and EUROC-EUR trading pairs will launch in phases,” the company said.

It’s also been revealed the fact that Circle spokesperson previously told Blockworks that the stablecoin would adhere to “prudential standards” that apply to existing fintech and payments companies in the US including PayPal, Stripe, Square and Venmo.

Accoridng to the same notes coming from Blockworks, EUROC’s market capitalization is still relatively low, at $33.9 million, compared to Tether’s EURT, which has a market capitalization of $218 million, per CoinGecko.

Not too long ago, we revealed the fact that Coinbase’s Brian Armstrong said that the US is risking losing its status as a financial hub for the long term. Check out the latest reports below.

Here’s what the CEO of Coinbase notes via Twitter:

America risks losing it’s status as a financial hub long term, with no clear regs on crypto, and a hostile environment from regulators.

Congress should act soon to pass clear legislation. Crypto is open to everyone in the world and others are leading. The EU, the UK, and now HK. https://t.co/i9WeUZ7K6H

— Brian Armstrong (@brian_armstrong) February 16, 2023

Stay tuned for more news.