Coinbase to launch Euro-backed stablecoin EUROC

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As mentioned in a thread on Twitter, in areas where trading is supported, support for the stablecoin Euro Coin (EUROC), backed by the euro, will become operational on Coinbase. The Experimental Label, which is reserved for tokens with a low volume or that are new to the exchange, will be applied to the EUROC coin at launch. With the Securities and Exchange Commission (SEC) threatening legal action against Paxos, stablecoins have recently been under regulatory investigation.

Crypto market update

On 21st Feb, the number of daily transactions on TVL, the fourth-largest blockchain overall in terms of total value locked (TVL), increased from 159,919 on January 1 to over 1,103,398 at the time of publication. In contrast, Ethereum only saw a modest 46% rise in daily transactions. Despite the lack of any plans or announcements from the Arbitrum developers regarding a potential token drop, Walter Teng, vice president of digital asset strategy at Fundstrat Global Advisors, believes that the increased activity on Arbitrum may be the result of users hoping for and speculating about a potential Arbitrum airdrop. Many financial applications, like Camelot, Vela Exchange, and Radiant Capital, which have all had their users and transactions surge by over 100% in the last 24 hours, according to Nansen data, have appeared in the expanding layer 2 ecosystem. Despite an increase in transactions and addresses, Arbitrum’s network fees are still behind Ethereum’s.

Innovative Web3 tech company Immersve has teamed up with Mastercard to make cryptocurrency spending possible for customers in Australia and New Zealand. All transactions will be made by users using USDC and paid on the Mastercard network after being converted to fiat. Mastercard has entered the cryptocurrency market in a number of ways, including through partnering with the exchange Binance. Satvik Sethi, the NFT product lead for Mastercard, left his post earlier this month, citing harassment, emotional discomfort, and other terrible working conditions.

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