Coinbase has stated it will support Euro Coin (EUROC) on the Ethereum network (ERC-20 token). The Euro-backed stablecoin will be paired against the US dollar and Euro on the exchange. Trading begins in supported regions at 9 AM PT on February 27.
Announcing this in a Twitter post, an arm of the crypto exchange, Coinbase Assets, stated that users should not send this asset over other networks to avoid losing their funds. However, inbound transfers are available on the exchange.
Coinbase stated that trading begins once liquidity conditions are met. Also, after establishing sufficient asset supply, trading on the EUROC-USD and EUROC-EUR trading pairs will launch in phases.
The exchange said that support for EUROC in certain supported jurisdictions might be restricted. Also, support will be added using the Experimental label to promote transparency and enable customers to make informed decisions.
The Experimental asset label is usually added to certain tradable assets which are either new on Coinbase or have low trading volume. Hence, Coinbase advises users to be cautious with these kinds of assets due to their associated risks.
According to a statement by Coinbase on the trading restrictions,
“The Experimental asset label will not impact your ability to send, receive, buy, sell, and/or hold assets on Coinbase. However, we do ask you to read and confirm you understand the risks involved, such as price swings and cancelled orders, before trading an experimental asset for the first time.”
Also, the requirements for labeling an asset as experimental are subject to change due to market conditions. Hence, the exchange continuously monitors assets and removes the label when an asset no longer meets the criteria.
