Coinbase: after USDC, the EURC stablecoin compliant with MiCA arrives

Coinbase welcomes the stablecoin EURC and will enable 1:1 conversions with the fiat currency Euro, starting from August 28. EURC is an ERC20 token that complies with the European MiCa regulation, issued by Circle (the same issuer of USDC). 

Coinbase and the EURC stablecoin compliant with MiCa issued by Circle of USDC 

Starting from August 28, Coinbase will enable 1:1 conversions between the fiat currency euro and the stablecoin EURC.

This stablecoin was issued by Circle, the crypto company that is already behind the second stablecoin by market cap USD Coin (USDC). Specifically, EURC is an ERC-20 stablecoin pegged to the euro at a 1:1 ratio. EURC is 100% backed by euros held in euro-denominated bank accounts. 

The involvement of Coinbase, however, is mainly based on the compliance of EURC with the new MiCA regulation of the European Union. 

From what has emerged, it seems that the conversions available on Coinbase Advanced will not have associated fees.

Coinbase and the launch of the EURC stablecoin compliant with MiCA also on Base

This news comes after at the beginning of August, Circle had already announced the launch of the stablecoin EURC also on Base, the blockchain of Coinbase.

Compared to Ethereum and other blockchains, Base should make EURC transactions even faster and much cheaper, thus offering a faster, more convenient, and more accessible version of the fiat currency. 

In any case, EURC is not yet widely used. It landed on the crypto markets just over two years ago. 

The peak of its market capitalization was reached during 2022, surpassing 80 million dollars. After the collapse of FTX, EURC experienced a drop that brought its market cap down below 30 million dollars. 

At the time of writing, the market cap of EURC is 57.2 million dollars. 

The version 2.2 of USDC and EURC

In November 2023, Circle had released version v2.2 for USDC and EURC, with the intent to improve some aspects of these stablecoin. 

First and foremost, the update aimed to reduce transaction fees by approximately 7%. 

Not only that, among other factors there has also been an increase in security in EVM networks and progress in the efficiency of crypto resources. 

The new version for the two stablecoins was completed in January 2024, without requiring any intervention from the community.