Customers at top US crypto exchange Coinbase could soon trade their digital assets with a euro-backed stablecoin.
Euro Coin is issued by Circle, the global fintech company known for working in a consortium with Coinbase to issue USD Coin (USDC), the second-largest dollar-pegged stablecoin.
Circle says Euro Coin is “100% backed by euros held in euro-denominated banking accounts,” in order to ensure it’s always redeemable at a 1:1 ratio for euros.
As of February 2nd, there’s €31.1 million ($33,355,061) worth of EUROC in circulation, and €31.3 ($33,569,563) million in reserves, according to the fintech company.
Coinbase created the listing roadmap last year to increase transparency and reduce the possibility of front-running their listing announcements.
Coinbase CEO Brian Armstrong said the exchange aims to list as many crypto assets as possible, as long as they meet the company’s standards.
“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.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Featured Image: Shutterstock/Sol Invictus