Coinbase will allow its users to swap euros for the euro-pegged stablecoin, EURC, at a 1:1 ratio on August 28. This is important because 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 regulation’s framework.
Coinbase To Support 1:1 Euro to EURC Conversion
According to a recent report, Coinbase is set to launch a one-to-one conversion feature for EUR to the stablecoin EURC on 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, following the introduction of the new feature, 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.
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.
Support For Polygon Ecosystem Token
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.
This development is part of the crypto exchange efforts to support innovations on the Polygon and Ethereum networks. In preparation, users will temporarily cease depositing MATIC on the Polygon Proof of Stake (PoS) system.
The post Just-In: Coinbase To Support 1:1 Euro to EURC Conversion Under MiCA Rules appeared first on CoinGape.
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