November 27, 2024
11 11 11 AM
Latest Post
Bitcoin Miner IREN Surges on Renewed AI Interest, Possible BTC Dividend Payment All Eyes on Bitcoin Should SOL be Trading at a 70% Discount to ETH? Vitalik Buterin Donated $1M in Ether to Coin Center Hours After Tornado Cash Victory Bitcoin Bull Market Is Far From Over, Galaxy Research Says Tether to Shutter Euro Stablecoin as Key MiCA Deadline Looms CoinDesk 20 Performance Update: UNI Jumps 16.3% as All Assets Trade Higher First Mover Americas: BTC Returns to Near $94K Stablecoins Hit Record $190B Market Cap, Surpassing Pre-Terra Crash Peak: CCData Deutsche Bank Invests in Blockchain Payment Network Partior

Tether to Shutter Euro Stablecoin as Key MiCA Deadline Looms

Stablecoin issuing giant Tether is closing down its euro stablecoin, EURT.

“After careful consideration, we have made the decision to discontinue support for EUR₮,” the firm said in a press release on Wednesday. Users will be able to redeem tokens until Nov. 27, 2025, the post added.

The decision comes as digital asset businesses operating in the EU are in crunch time before region-wide regulations, known as MiCA, enter into full force by the end of this year.

MiCA requires stablecoin issuers to get compliant or potentially retreat from the market of 450 million consumers. Tether CEO Paolo Ardoino has been a vocal critic of the new rules and the company has not obtained the necessary Electronic Money Institution (EMI) license to operate in the EU. Meanwhile, rival issuer Circle, the company behind the $36 billion market cap USDC, said it fulfilled the requirements to operate in the region.

EURT didn’t attract considerable demand in the euro stablecoin market. It only has a $27 million market capitalization, per CoinGecko data, lagging behind Circle’s EURC $90 million and Stasis Euro’s $130 million. In comparison, Tether’s flagship stablecoin USDT has a $132 billion market capitalization.

Tether recently invested in Netherlands-based stablecoin issuer Quantoz and also launched a tokenization platform, Hadron, that aims to support smaller, MiCA-compliant stablecoin companies to issue tokens.

“At this time we will be focusing our support on new ventures such as the launch of Quantoz Payments’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ which will be powered by Tether’s advanced technology solution, Hadron by Tether,” the firm said in a statement.

This post was originally published on this site