Coinbase Expands Circle’s EURC Reach With Solana Integration

The leading crypto exchange, Coinbase has revealed support for Circle’s euro-backed stablecoin EURC with Solana integration. This move comes amid a growing global interest in the stablecoin market amid increasing focus on the digital assets sector. Notably, the latest announcement also comes a day after the exchange said that it would allow users to convert Euro to EURC at a 1:1 ratio starting this month.

Coinbase Boosts EURC Access With Solana Support

Coinbase’s decision to integrate EURC with Solana marks a significant step in broadening the accessibility of this stablecoin. The exchange’s decision to integrate EURC with Solana marks a major step in enhancing the accessibility of the stablecoin.

In other words, the exchange said that it would allow sending and receiving the Circle’s euro-pegged stablecoin on Solana. The decision of the exchange to support EURC on Solana is expected to increase its availability to a broader range of users, particularly those interested in operating within a compliant framework.

Meanwhile, the move comes a day after Coinbase revealed that users would soon be able to convert Euros to EURC directly on the platform, without any fees. This new feature is set to launch on August 28, offering a seamless, cost-effective option for users.

In addition, the development also comes at a time when the demand for stablecoins is rising, driven by the need for reliable, fiat-pegged digital assets. By enabling EURC transactions on Solana, the exchange has gained notable traction from crypto market enthusiasts.

EURC-USDC Order Book Introduction

As part of this strategic expansion, Coinbase also announced the introduction of a new EURC-USDC order book. According to yesterday’s announcement, it is set to go live on August 29. This will replace the existing EURC-EUR and EURC-USD order books, further streamlining the trading experience for users.

In addition, the introduction of the new order book is also a response to the changing landscape of the stablecoin market. As stablecoins become more integrated into the global financial system, the top crypto exchanges appear to be adapting to meet the evolving needs of their users.

Offering more direct trading pairs makes it easier for users to trade and manage their assets within the platform. As said earlier, this development comes amid a growing demand for stablecoins. This move is also highlighted by another leading stablecoin issuer, Tether’s recent announcement to launch a new dirham-backed stablecoin for UAE users.

✓ Share:

Rupam Roy

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.