Just-In: Coinbase To Support 1:1 Euro to EURC Conversion Under MiCA Rules
Highlights
- Coinbase will enable EUR to EURC swaps at a 1:1 ratio on Aug 28.
- Phase-out of EURC-EUR and EURC-USD order books set for Aug 29.
- Coinbase supports Polygon Ecosystem Token POL
Coinbase will allow its users to swap euros for the euro-pegged stablecoin, EURC, at a 1:1 ratio starting August 28. This is significant as EURC is in line with the Markets in Crypto Assets (MiCA) regulations set by the European Union. The addition of this feature will support smooth and efficient transactions within EU regulatory framework.
Coinbase To Support 1:1 Euro to EURC Conversion
Coinbase is set to launch a one-to-one conversion feature for EUR to the stablecoin EURC starting August 28. The conversion will be available on Coinbase Advanced, ensuring no fees are associated with the transaction. This will enhance the appeal for users looking to transact within a compliant framework.
Additionally, the new service aligns with the European Union’s MiCA regulations, which aim to standardize crypto asset activities across Europe.
Consequently, the exchange will introduce a new EURC-USDC order book and phasing out the previous EURC-EUR and EURC-USD order books on August 29. The crypto exchange remarked,
“These changes are designed to enable the most efficient conversion and trading between fiat and stablecoins.”
Significance of EURC in the Crypto Market
Moreover, EURC integration represents a pivotal development for Coinbase and the crypto market, particularly within the European Union. Being pegged to the euro, EURC provides a stable medium of exchange, reducing the volatility often associated with digital currencies. By adhering to MiCA regulations, it sets a precedent for compliance and security in crypto financial transactions.
Additionally, Circle Policy Lead Hensen recently discussed the impact of MiCA regulations, predicting a transformative effect on the EU crypto market. He expects EUR stablecoins to increase their market cap fivefold within one to two years, with USDC being dominant in EU markets.
Euro-based stablecoins represent a significant portion of the non-USD stablecoin market. Excluding those pegged to the dollar, stablecoins tied to the euro account for approximately 92% of the total supply on the Ethereum blockchain.
In addition to this development, Coinbase recently broadened its offerings by integrating the Polygon Ecosystem Token (POL) into its trading platform. The integration, set for August 26, will see the trading platform transitioning the ticker from MATIC to POL.
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