Customers of top U.S. crypto exchange Coinbase will soon be able to trade digital assets for euro-backed stablecoins.
Exchange Added Eurocoin (EUROC) transitioned to its listing roadmap on Thursday, marking the start of the path for stablecoins to become tradable.
Eurocoin is issued by Circle, a global fintech company known for issuing USD Coin (USDC), the second largest dollar-pegged stablecoin in a consortium with Coinbase.
circle To tell Eurocoins are “100% backed by Euros held in Euro-denominated bank accounts” to ensure that they are always redeemable with Euros at a 1:1 ratio.
As of February 2, €31.1 million ($33,355,061) worth of EUROC was in circulation with €31.3 million ($33,569,563) in reserves, according to the fintech firm.
coin base Created Last year’s listing roadmap to increase transparency and reduce the likelihood of listing announcements being ahead of schedule.
Coinbase CEO Brian Armstrong said the exchange aims to list as many crypto assets as possible, as long as they meet the company’s standards.
“It’s like Amazon, you might have 3 stars or 5 stars on a product, but when you start getting 1 star consistently, it’s probably fraudulent or defective or something and it’s probably Amazon will remove it. Otherwise, you’ll want to let the market decide what these are.”
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