Coinbase lists new Euro stablecoin EUROC after deciding to suspend BUSD trading.
EUROC is the first Euro-backed stablecoin to appear on the leading exchange.
In a February 28 announcement, Coinbase said all exchange users will be able to buy, sell and convert EUROC tokens.
Euro Coin (EUROC) is listed on Coinbase during SEC pressures
While the SEC investigates Circle for potential unregistered securities related to its USDC token, Coinbase, which is also under investigation, has listed Euro Coin (EUROC).
Euro Coin was created by Circle in mid-2022. Along with being backed by 1 Euro the coin is also pegged to 1 Euro.
Circle’s other stablecoin, USDC, is pegged to 1 USD and trusted by many crypto traders because of Circle’s financial transparency.
Euro Coin is the first Euro stablecoin to appear on Coinbase. Similar European stablecoins such as Celo Euro remain unsupported by the exchange.
With Coinbase planning to halt trading of Binance's BUSD on March 13 due to SEC proceedings, it appears that exchanges and crypto traders are looking for stablecoin alternatives in Europe.