Ethereum adds support for Euro Coin [EUROC]: All you need to know

ambcrypto.com:

The Ethereum [ETH] network just added support for another stablecoin. The network has so far supported multiple stablecoins, but most are pegged on the U.S. dollar. This time the latest addition is Euro Coin [EUROC], which will be pegged on the Euro.

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The new Euro-backed stablecoin issued by Circle might be the first major attempt at properly tapping into the European market. The Coinbase exchange is already making efforts to make EUROC available. It noted recently that the new stablecoin is an ERC20 token and that it will be available in regions where Coinbase is supported.

— Coinbase Assets (@CoinbaseAssets) February 21, 2023

Coinbase also noted that the support may be restricted. In addition, the exchange noted that it will initially be available as EUROC-EUR and EUROC-USD pairs. While this new stablecoin might be a game changer for European crypto traders, Ethereum will be one of the biggest beneficiaries.

Europe is one of the biggest economic regions in the world. As such, it can control a substantial amount of trading volumes in the crypto market. A direct link to the market through a Euro-backed stablecoin may thus prove quite useful. Ethereum is banking on this development to tap into more trading volume and network growth.

Source: Santiment

Such a major development is bound to have an impact in both the short and long term. Ethereum’s development activity