Coinbase to Launch MiCA-Compliant EURC Conversions Beginning August 28

Coinbase, the cryptocurrency exchange, has revealed plans to introduce smooth conversions between the Euro and the euro-pegged stablecoin, EURC, beginning August 28.

As reported by The Block on August 22, this new feature will enable Coinbase users to effortlessly exchange euros for EURC at a 1:1 ratio on the Coinbase Advanced platform. The conversion will incur no fees, providing a convenient and economical solution for users interested in the advantages of stablecoins.

EURC operates on five different blockchains: Avalanche (AVAX), Ethereum (ETH), Solana (SOL), Stellar (XLM), and Base.

Coinbase is committed to ensuring a secure and compliant trading environment for European users by adhering to MiCA regulations.

Alongside the introduction of the EURC conversion, Coinbase will debut a new EURC-USDC order book on August 29, which will take the place of the current EURC-EUR and EURC-USD order books.

The addition of EURC strengthens Coinbase's status as a prominent contender in the European cryptocurrency landscape. The exchange notes that with the increasing demand for euro-pegged stablecoins, this new feature is anticipated to draw in more users interested in converting euros to U.S. dollars and vice versa, thereby improving the overall trading experience.

A study released in January 2023, conducted by researchers from Circle and Uniswap, found that blockchain-based forex trades could potentially lower costs by as much as 80%.

Coinbase's Base Experiences Rapid Growth with 4 Million Users  
In early August, Circle, the issuer of EURC, revealed that the stablecoin would be launched on Base, Coinbase's Layer-2 solution. This development is anticipated to enhance the speed and cost-effectiveness of EURC transactions in comparison to Ethereum and other blockchains, providing a more user-friendly and convenient option than traditional fiat currencies.

Last week, Base experienced a significant increase in activity, achieving an unprecedented peak of nearly 4 million weekly active addresses. This surge aligns with the ongoing "Onchain Summer" initiative aimed at promoting development within the Base network. Additionally, this milestone highlights the rising popularity and adoption of Base as a scalable and cost-efficient platform for decentralized applications (DApps).