Official statements from EU regulatory bodies or legal proceedings

Tether Ends EURT Support, Shifts to MiCA-Compliant Stablecoins

Nov 27, 2024, 02:35 PM

Tether, the largest stablecoin provider, has announced the discontinuation of its euro-pegged stablecoin, EURT, due to unfavorable regulatory conditions in the European Union (EU) and falling demand. EURT, with a market cap of $38 million, will no longer be supported, and holders have until November 25, 2025, to redeem their tokens. This decision comes amidst the EU's Markets in Crypto-Assets (MiCA) regulation, which aims to regulate crypto assets. Instead of EURT, Tether plans to focus on supporting MiCA-compliant stablecoins like EURQ and USDQ, issued by Quantoz Payments, which are already trading on exchanges like Bitfinex and Kraken. This shift is part of Tether's broader strategy to adapt to the evolving regulatory landscape and to explore new ventures, including its Hadron technology for tokenization.