Tether, the company behind the popular USDT stablecoin, has announced that it will stop supporting its euro-backed stablecoin, EURT. Users have until November 27, 2025, to redeem their EUR₮ tokens.
“This decision aligns with our broader strategic direction, considering the evolving regulatory frameworks surrounding stablecoins in the European market. Until a more risk-averse framework is in place—one that fosters innovation and offers the stability and protection our users deserve—we have chosen to prioritize other initiatives.” Tether stated in its announcement.
Instead of EUR₮, Tether will focus on new stablecoins like EURQ and USDQ, developed in collaboration with the Dutch fintech company Quantoz and designed to meet the upcoming MiCA rules.
Tether’s decision to halt EUR₮ issuance follows the relative lack of demand for the token, which currently holds a market capitalization of only $27 million. In comparison, stablecoins like Circle’s EURC, with a $90 million market cap, and Stasis Euro, with $130 million, have seen greater traction in the European market.
Tether’s flagship stablecoin, USD₮, maintains a dominant market capitalization of over $132 billion, further underscoring the disparity in demand for EUR₮.
In light of the regulatory changes, several cryptocurrency exchanges have already begun delisting EUR₮ in anticipation of MiCA’s full enforcement.
For instance, Bitstamp, one of the first to list EUR₮, has committed to removing the token by June 2024. Similarly, OKX and Uphold are delisting EUR₮ pairs and have also removed USDT from their platforms for European users. Coinbase, too, is expected to follow suit by December 2024, in line with MiCA’s compliance requirements.
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