Coinbase Launches Euro-Linked Stable Currency EUROC
It is reported that Coinbase Assets announced on social media that Coinbase, the cryptocurrency exchange, has launched the Circle Euro stable currency EUROC. I…
It is reported that Coinbase Assets announced on social media that Coinbase, the cryptocurrency exchange, has launched the Circle Euro stable currency EUROC. It is reported that this stable currency or the first euro-linked stable currency supported by Coinbase can be hosted in Coinbase wallet, but it cannot be traded in this exchange. EUROC launched a link to the value of the euro in June 2022, and Circle said that the stable currency has 100% support in bank accounts denominated in the euro.
Coinbase: Circle Euro stable currency EUROC has been launched
Analysis based on this information:
The cryptocurrency exchange, Coinbase, has launched the Circle Euro stable currency, EUROC, as announced by Coinbase Assets on social media. This move has made the Euro the latest fiat currency to be given stablecoin treatment. EUROC is considered as the first euro-linked stable currency supported by Coinbase.
Although EUROC can be hosted in Coinbase wallet, it cannot be traded within the exchange. This means that EUROC can be used as a means of storing and transferring value within the Coinbase ecosystem. This is a step in the right direction as crypto traders and investors can now have a means of storing and transferring value without the price fluctuations common with cryptocurrencies.
EUROC was launched in June 2022 and according to Circle (its issuer), the stablecoin has received 100% support from bank accounts denominated in the euro. This means that every unit of EUROC has a corresponding unit of euro in a bank account as collateral.
A stablecoin is a type of cryptocurrency designed to have a stable value, making it valuable for digital transactions, such as remittances and e-commerce transactions. Stablecoins are typically backed by fiat currency, such as the US dollar, euro, or yen. The backing helps to reduce volatility and protect against market volatility that is characteristic of cryptocurrencies.
The launch of EUROC is expected to facilitate more mainstream adoption of cryptocurrencies across Europe, especially in countries that use the euro as their fiat currency. This could lead to more use cases for cryptocurrencies, as well as increased acceptance and trust in cryptocurrencies.
To conclude, Coinbase’s launch of EUROC is a significant step towards mainstream adoption of cryptocurrencies in Europe. The introduction of the stablecoin backed by the euro will offer better value stability to traders and investors. Although customers cannot trade EUROC on Coinbase, it can be hosted on Coinbase wallet and stored for safekeeping. With the euro as the latest fiat currency to be given the stablecoin treatment, the cryptocurrency industry is gradually gaining acceptance as a legitimate form of payment.
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