Circle’s EUROC stablecoin continues its tour of exchange platforms. It is now possible to trade it on Coinbase. Is this a sign of the growth of a stablecoin category not yet favoured by investors
EUROC lands on Coinbase’s exchange platform
Previously, some euro stablecoins could be deposited on the platform, such as Tether’s EURT or Euro Stasis (EURS). But EUROC is becoming the first euro stablecoin that can be traded against other cryptocurrencies on Coinbase.
Euro Coin (EUROC) is now live on https://t.co/CD3RBjtMAO & in the Coinbase iOS & Android apps. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets. https://t.co/676miKRrfh
– Coinbase Assets (@CoinbaseAssets) February 28, 2023
Created by Circle, which already issues the USDC, the EUROC is sometimes considered one of the most serious competitors in the euro stablecoin landscape. However, it has some way to go before it catches up with its larger competitors. It currently has a market capitalisation of EUR 29 million, compared to EUR 205 million for EURT.
Will euro stablecoins make it big?
Will the euro make it in the dollar-saturated crypto markets? For the moment, the capitalization of stablecoins dollars does not play in the same court: the USDT displays for example a market cap of 66 billion euros. Another point that can be made is that the most widely used euro stablecoins are issued… by US companies. A point that Adan made in an interview with Cryptoast when the EURC was released:
“Circle’s EUROC issuance is not the first event attesting to a deep and persistent problem for the European digital asset industry: the relatively high-volume euro-backed stablecoins are issued by companies across the Atlantic. “
This American hegemony may raise some eyebrows, as European players seem to be absent. Faced with this, the future European MNBC dreams of being a hegemonic digital currency on the Old Continent. While it is doubtful that it will succeed, we can only note the absence of a local crypto competitor at this stage.
