Originally published on: November 27, 2024
Tether, renowned for its USDt stablecoin, has announced the discontinuation of its euro-pegged stablecoin, EURt. Users are advised to redeem their holdings within the next year as Tether ceases support for EURt across all blockchains.
The decision to stop support for EURt was officially communicated on Nov. 27, with Tether halting the minting of the token. The company cited evolving regulatory frameworks for stablecoins in the European market as a reason for this strategic move.
EURt, introduced in 2016, is tethered to the euro’s value at a 1:1 ratio, offering stability in the volatile cryptocurrency landscape. While EURt boasts a market capitalization of $27 million, it contributes merely 0.02% to Tether’s flagship stablecoin, USDtUSDT.
In light of upcoming regulations like the European Markets in Crypto-Assets (MiCA) Regulation, Tether is focusing on compliant stablecoin projects. This decision comes amidst concerns raised by Tether CEO Paolo Ardoino about the risks posed by the MiCA framework.
However, Tether remains committed to fostering innovation and streamlining stablecoin creation through projects like Quantoz Payments’ EURq and USDq stablecoins. These initiatives leverage Tether’s Hadron technology to facilitate seamless stablecoin management and compliance.
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