Coinbase Adds Support for Circle’s Euro-Pegged Stablecoin

Top US-based crypto exchange platform Coinbase has announced the addition of Euro Coin (EURC), a stablecoin pegged to the Euro from Circle, the issuer of USDC. According to a new thread on the social media platform X, Coinbase Assets confirmed that support for EURC on the Ethereum network (ERC-20 token) will begin on January 20th.

Coinbase highlighted the specifics of the integration: “Coinbase will add support for EURC on the Ethereum network (ERC-20 token) and trading will begin on 20 June 2024 at or around 3PM ET. Do not send this asset over other networks or your funds may be lost.”

This strategic move by Coinbase aims to offer a more diverse range of stablecoins to its users, enhancing their trading options and providing more flexibility in their transactions.

Euro Coin’s Renaming Process

Coinbase also mentioned that Euro Coin is undergoing a name change, which is taking longer than expected and affecting service speed. The stablecoin’s token is being renamed from EUROC to EURC.

“The renaming of Euro Coin (EUROC) to EURC is taking longer than expected. We apologize for these delays, but rest assured your funds are safe and our teams are working as quickly as possible to restore full service.”

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This renaming process indicates Coinbase’s commitment to maintaining clarity and consistency in its offerings, despite the temporary delays.

Circle initially launched Euro Coin on June 30th, 2022, over the Ethereum (ETH) blockchain. Since then, it has expanded to other crypto assets such as Solana (SOL) and Stellar (XLM). This expansion signifies Circle’s dedication to broadening the use of Euro Coin across multiple blockchain networks, thereby increasing its utility and adoption.

The addition of EURC to Coinbase with an experimental label suggests that the exchange is cautious but optimistic about the stablecoin’s potential. This label, used for riskier and more volatile digital assets, underscores the innovative yet careful approach Coinbase adopts in expanding its crypto asset offerings.

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