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Coinbase Launches Circle Euro Stable Currency

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It is reported that Coinbase Assets announced on social media that Coinbase, the cryptocurrency exchange, has launched the Circle Euro stable currency EUROC. I…

Coinbase Launches Circle Euro Stable Currency

It is reported that Coinbase Assets announced on social media that Coinbase, the cryptocurrency exchange, has launched the Circle Euro stable currency EUROC. It is reported that this stable currency or the first euro-linked stable currency supported by Coinbase can be hosted in Coinbase wallet, but it cannot be traded in this exchange. EUROC launched a link to the value of the euro in June 2022, and Circle said that the stable currency has 100% support in bank accounts denominated in the euro.

Coinbase: Circle Euro stable currency EUROC has been launched

Interpretation of the news:


In recent news, Coinbase Assets reported on social media that the cryptocurrency exchange, Coinbase, has launched the Circle Euro (EUROC) stable currency. This new addition to Coinbase’s lineup of stable currencies is linked to the value of the euro and is the first euro-linked stable currency supported by the exchange.

According to reports, EUROC can be hosted in Coinbase’s wallet, but it cannot be traded on the exchange. This means that while Coinbase users can hold the stable currency, they cannot use it to buy or sell other cryptocurrencies on the platform. Instead, EUROC is designed to provide users with a stable way to store and transfer value, without the volatility typically associated with other cryptocurrencies.

Circle, the company behind EUROC, has stated that the stable currency has 100% support in bank accounts denominated in the euro. This means that for every EUROC in circulation, there is an equivalent amount of euros held in a bank account. This backing by traditional financial institutions is a major selling point for stable currencies like EUROC, as it provides users with greater security and stability compared to purely digital assets.

EUROC’s launch comes at a time when stable currencies are becoming increasingly popular among cryptocurrency users. These digital assets are designed to be pegged to the value of a traditional currency, such as the US dollar or the euro, in order to provide a stable store of value. While stable currencies may not offer the same level of price appreciation as other cryptocurrencies, they are seen as a safer and more predictable option for those who want to invest in the crypto space.

Overall, the addition of EUROC to Coinbase’s stable currency lineup is likely to be seen as a positive development for the exchange’s users. While the currency cannot be traded on the platform, it provides a secure and stable way to store value outside of traditional financial institutions. As the cryptocurrency industry continues to evolve, stable currencies like EUROC are likely to play an increasingly important role in the space.

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