Coinbase will enable 1:1 conversions between the euro and MiCA-compliant stablecoin EURC

Reported by The Block: Coinbase will enable conversions between EUR and EURC at a one-to-one ratio on Aug. 28.

EURC is compliant with the European Union’s new MiCA regulation.

Coinbase will enable conversions between the fiat euro and the euro-pegged stablecoin 
EURC a one-to-one ratio in supported jurisdictions on Aug. 28.

EURC is pegged to the euro's value, just like USDC is designed to be pegged to the dollar's value. According to an email from Coinbase, EURC is compliant with the European Union's new Markets in Crypto Assets regulation, commonly known as MiCA.

The conversions available on Coinbase Advanced will have no associated fees. Additionally, Coinbase will list a new EURC-USDC order book on Aug. 29 while deprecating its existing EURC-EUR and EURC-USD order books. "These changes are designed to enable the most efficient conversion and trading between fiat and stablecoins," the exchange said.

While dollar-pegged stablecoins dominate the sector, euro-pegged stablecoins make up the lion's share of non-USD stablecoins. According to The Block's Data Dashboard, stablecoins pegged to the euro comprise roughly 92% of the supply of all stablecoins on Ethereum when excluding dollar-pegged stablecoins.