Tether Discontinues Support for EURT Stablecoin: Here’s Why
Release: 2024/11/28 02:54 Reading: 733
Tether, the issuer of USDT, has announced its decision to discontinue support for its EURT stablecoin, backed by the Euro. Users have until November 27, 2025, to redeem their EURT tokens.
This move aligns with Tether's strategic direction in response to changing regulatory frameworks for stablecoins in Europe. Tether will prioritize other initiatives until a risk-averse framework is established, fostering innovation and ensuring stability for its users.
Instead of EURT, Tether will shift its focus to new stablecoins such as EURQ and USDQ, developed in partnership with Quantoz to comply with the upcoming MiCA regulations.
The decision to discontinue EURT issuance follows the token's relatively low demand, with a current market capitalization of $27 million. In contrast, competing stablecoins like Circle's EURC and Stasis Euro have gained more traction in the European market.
Tether's flagship stablecoin, USDT, remains the market leader with a market capitalization of over $132 billion, highlighting the disparity in demand for EURT.
In anticipation of MiCA's enforcement, multiple cryptocurrency exchanges have initiated the delisting of EURT:
- Bitstamp, which initially listed EURT, will remove the token by June 2024.
- OKX and Uphold have delisted EURT pairs and removed USDT for European users.
- Coinbase is expected to follow suit by December 2024 to comply with MiCA requirements.
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