Coinbase launches EUROC trading pairs with Euro-backed stablecoin

Coinbase, the largest American crypto exchange, has announced the phased launch of trading pairs in conjunction with the euro-backed stablecoin EUROC.

Starting from February 22, users of the platform can conduct trading operations with Euro Coin, with the EUROC-USD and EUROC-EUR trading pairs to be launched as liquidity conditions are met and assets are delivered.

In its Twitter statement, Coinbase confirmed support for EUROC as an ERC-20 token on the Ethereum network. The exchange has cautioned users not to send the asset on other networks, as it may result in the loss of funds.

To enable new or small-cap tokens on the exchange, the EUROC token will be launched with an experimental label. Circle, the issuer of EUROC, announced the issuance of a stablecoin backed by euro reserves in the summer of 2022.

According to the announcement, the new stablecoin will be “a regulated stablecoin issued with a full reserve and built on the same principles of trust, transparency, and security as USD Coin (USDC).”