Euro-backed stablecoin, Euro Coin set to trade on Coinbase

Support for Euro Coin (EUROC), a euro-backed stablecoin, will go live on Coinbase in regions where trading is supported, the exchange said on Twitter.

Trading is slated to begin on or after 9 a.m. PST, Feb. 22, once liquidity conditions are met and asset supplies are established, said Coinbase, adding that after which the launch of EUROC-USD and EUROC-EUR pairs will continue in phases.

Coinbase will support EUROC as an ERC-20 token on the Ethereum network. It warned users to avoid sending the asset over other networks, or funds may be lost. The EUROC token will launch with the Experimental Label, designated for new or low volume tokens on the exchange, said Coinbase.

Stablecoins such as EUROC have recently come under regulatory scrutiny, with the Securities and Exchange Commission earlier this month threatening a lawsuit against stablecoin issuer Paxos over the listing of Binance’s BUSD stablecoin.

The SEC action led to “constructive discussions” between the two entities and the severing of relations between Binance and Paxos.