As a seasoned analyst with years of experience in the volatile and dynamic world of cryptocurrencies, I find Tether’s decision to discontinue its support for EURT intriguing. The regulatory environment around stablecoins has been a hot topic for quite some time now, and it seems that the EU’s MiCA regulation is finally starting to bear fruit.
Tether has decided to stop providing support for the Euro-linked stablecoin known as EURT. They will not accept any new applications to issue this currency.
On November 27th, the issuer of Tether (USDT) announced in a blog post that they have discontinued their support for EURT, notifying both their community and the wider industry.
The announcement states that Tether has decided to stop producing its Euro-linked stablecoin due to the ongoing changes in the regulatory landscape for stablecoins. More specifically, this action is a reaction to the EU’s regulations on stablecoins as detailed in the Markets in Crypto-Assets legislation.
The Markets in Crypto-Assets (MiCA) regulation was launched for stablecoins in June, aiming for a complete rollout of the extensive regulatory framework by December 30, 2024.
Following a thorough evaluation, we’ve chosen to stop providing support for EUR₮. Consequently, Tether is no longer minting EUR₮, with the last request for acquisition handled in 2022, and we are not accepting any new requests for issuance of EUR₮.
The entity responsible for issuing USDT has decided to temporarily halt EURT support until a safer system is established. By November 27, 2025, anyone with EURT balances on blockchains will need to exchange or withdraw their assets.
Initially, Tether had revealed its intention to stop EURT on various platforms such as EOS, Omni, Kusama, and Algorand. However, due to strict regulations concerning asset-referenced tokens, these plans have been revised. Some trading platforms like OKX, Bitstamp, and Coinbase have even announced the removal of this fiat-backed token from their listings in 2021.
With this move, the cryptocurrency platform is emphasizing that they will shift their attention towards different projects. Among these new focuses are initiatives like supporting the recently launched MiCA-compliant stablecoins USDQ and EURQ, which have been released under Tether’s umbrella.
As an analyst, I’ve just announced that I’ve made an investment in Quantoz Payments, the issuer behind USDQ and EURQ, a move that was spotlighted by crypto.news last week. The innovative blockchain technology solution, Hadron by Tether, will be the driving force behind this integration.
The EURT stablecoin was launched in 2016.
Read More
- XRP Price Eyes $2 Support Level Amidst Market Correction
- 15 Charged for converting Drug Cartels’ Cash into Cryptocurrency in U.S.
- OREO Unveils Six New Products for 2025
- PYTH PREDICTION. PYTH cryptocurrency
- ‘Fast and Furious’ Star Paul Walker Remembered 11 Years After His Death
- Russell T Davies Says He “Kind Of Hopes” The Streaming Bubble Will “Pop”
- Apple Lands Anya Taylor-Joy Led Drama ‘Lucky,’ Based on Bestseller
- Paul Atkins to Replace Gary Gensler as Next SEC Chair?
- Crypto VC funding roundup: Riot snags over $594m, BVNK raises $50m
- Google’s Willow Quantum Chip Sparks Bitcoin Security Debate
2024-11-27 19:08