Customers of the top cryptocurrency exchange in the US, Coinbase, will soon be able to trade their digital assets with a stablecoin backed by the euro.
Thursday, the exchange put Euro Coin (EUROC) on its listing roadmap. This means that the stablecoin is getting closer to being able to be traded.
Circle, a global fintech company, makes Euro Coin. It is known for working with Coinbase to make USD Coin, the second-largest dollar-pegged stablecoin, as part of a group.
Circle claims that Euro Coin is 100% backed by euros in euro-denominated bank accounts. It can always be exchanged for euros at 1 euro every Euro Coin.
As of February 2, the fintech business reported €31.1 million ($33,355,061) in EUROC circulation and €31.3 million ($33,569,563) in reserves.
Last year, Coinbase opened up their listing roadmap to prevent leaks.
Brian Armstrong, Coinbase’s CEO, said the exchange aims to offer as many crypto assets as possible that match its requirements.
“It’s kind of like Amazon or something like that where a product might have three stars or it might have five stars, but if it starts to get one star consistently, it’s probably fraudulent or defective or something and maybe Amazon will remove it. Otherwise, you want to let the market decide what these things are.”
