Tether to Discontinue Euro-Pegged Stablecoin, Focus Shifts to MiCA-Compliant Projects
Tether, the leading issuer of the world’s largest stablecoin by market cap, USDt, has announced its decision to phase out its euro-pegged stablecoin, EURt, and will halt its minting process across all blockchain platforms.
The company revealed this move on November 27, urging EURt holders to redeem their assets by November 2025.
EURt, launched in 2016 as a stablecoin pegged 1:1 to the euro, has a market cap of $27 million, which is a tiny fraction of Tether’s main stablecoin USDt. This decision to discontinue EURt was driven by shifting regulatory landscapes for stablecoins in Europe, with Tether emphasizing that it aligns with their broader strategic goals. The firm also mentioned that no new requests for EURt issuance are being accepted, and the last issuance occurred in 2022.
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The announcement also noted that Tether would prioritize other initiatives, particularly in light of the European Markets in Crypto-Assets (MiCA) Regulation, which is expected to take full effect by the end of 2024.
The company emphasized that until more risk-averse and innovation-friendly regulations are established, it will focus on investments in MiCA-compliant stablecoin projects. One such project is Quantoz Payments, which is working on stablecoins EURq and USDq, supported by Tether’s technology solution, Hadron, designed to streamline the process of creating and managing stablecoins.
Tether has made it clear that its ongoing efforts are focused on fostering stable and user-centric solutions to build a more resilient and inclusive financial ecosystem.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
