EURC Goes Live On Base

• EURC goes live on Base.

• Developers prepare for Pectra Devnet 3.

• Coinbase releases its Q2 earnings report.

• Morpho Labs raises a $50m funding round.

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Circle launched EURC, its Euro-pegged stablecoin, on Base mainnet. The stablecoin is compliant with Europe’s Markets in Crypto Assets (MiCA) regulation and is issued by Circle France. Qualified financial institutions can now mint and burn EURC directly on Circle Mint, which also supports deposits and withdrawals across multiple chains, eliminating the need for third-party bridges. Retail users can access EURC on Coinbase for on and off-ramping. EURC currently has a market cap of $38 million, compared to USDC’s $33 billion. An initial liquidity pool for EURC/USDC is now available on Aerodrome, the largest decentralized exchange on Base.

Ethereum core developers are preparing to deploy the third devnet for Pectra. Client teams are currently addressing bugs in devnet 2, which includes a specification for EIP-7702. Core developers are still evaluating whether to include RIP-7212, a standard for secure and cost-effective signature verifications using the secp256r1 elliptic curve. The standard reduces the costs associated with smart wallets. Tim Beiko, coordinator of the ACD calls, emphasized that Pectra is already a packed upgrade. The decision to include RIP-7212 will be made once there is a clearer understanding of the readiness of the other EIPs. The Pectra upgrade currently includes 19 EIPs and is anticipated to launch in the first quarter of 2025.

Coinbase published its Q2 2024 earnings report, showing $1.4 billion in revenue for the quarter. Over 40% of the revenue originated from subscriptions and services. Coinbase attributed the increase to higher USDC balances on the exchange and a growing USDC market cap. The exchange reported $36 million in net income. The report also underscored Coinbase’s role as the custodian for 8 out of the 9 Spot Ethereum ETFs, the public launch of the Coinbase Smart Wallet, leading L2 transaction activity, and the reduction of transaction fees on Base.

Morpho, a base infrastructure layer for building lending applications, raised a $50 million funding round led by Ribbit Capital. Morpho Blue, the protocol’s native lending platform, supports isolates lending markets, allowing for higher collateralization factors and improved interest rates. Morpho Blue is currently live on Ethereum and Base with over $1 billion in deposits. Morpho plans to use the fresh capital to enhance the network’s decentralization, further develop Morpho Blue and Morpho Vaults, and support its ecosystem builders with grants.