Coinbase Adds Circle’s Euro Coin to Stablecoin Options

Coinbase (NASDAQ:COIN) has added Euro Coin (EUROC) as a stablecoin option to its marketplace. Trading availability will commence on February 27, 2023 – “if liquidity conditions are met.”

In a series of Tweets, Coinbase said it was adding support for EUROC with the Experimental label, and some jurisdictions will not be supported with the stablecoin.

Circle Internet Financial, the issuer of USD Coin (USDC), announced last summer that it was launching a fully-reserved, euro-pegged stablecoin from called Euro Coin.

While USDC holds a market cap in the tens of billions, EUROC is still relatively small at around $28 million.

The addition of EUROC on Coinbase arrives at a challenging time for stablecoins in general as the Securities and Exchange Commission (SEC) is turning up the heat on stablecoins as they believe stablecoins should be regulated like a security – similar to a money market fund.

A Tweet from SEC Commissioner Hester Peirce, a long time supporter of Fintech innovation, recently questioned the Commission’s decision to regulate by enforcement.

It is widely known that Congress is in the process of crafting stablecoin legislation, but the timing and final wording of any new rules remain unknown.




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