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News

Tether Stablecoin EURT Will Be Discontinued by 2025

November 27, 2024 - Around 2 mins mins to read

Key Points:

  • Tether stablecoin EURT will be discontinued, with redemptions to be completed by November 27, 2025.
  • The decision is driven by Europe’s evolving stablecoin regulations, prompting Tether to focus on new stablecoins.
Tether, the issuer of the world’s largest stablecoin by market value, USDT, said it will no longer support its euro-pegged stablecoin, Euro Tether (EURT).
Tether Stablecoin EURT Will Be Discontinued by 2025

Read more: Tether Venture Investment Is Being Actively Fueled By Huge Profits

Tether Stablecoin EURT To Not Be Supported By The End Of Next Year

Tether stablecoin EURT has seen relatively low adoption compared to its US dollar equivalent, USDT, since its introduction in 2021. Market capitalization for EURT stands at an estimated $38 million, a fraction of USDT’s market capitalization.

Tether has already ceased the processing of new minting requests for EURT, which has been in effect since 2022. Existing holders are called upon to finalize their redemptions by November 27, 2025. The move comes at the right moment when Tether shifted into projects aligning with evolving European regulations.

Attention falls on the two new stablecoins, EURQ and USDQ, which were issued in cooperation with Quantoz Payments. These virtual currencies have been created under the European Union’s newly established Markets in Crypto-Assets, or MiCA, which puts into place a single rulebook to regulate crypto assets across the union.

EU’s MiCA Regulation Pushes Tether Towards Making Strategic Changes

EU’s regulation has forced stablecoins, a type of crypto that is backed by fiat, to implement serious safeguarding under MiCA. Such new regulations could eventually create space for cryptocurrencies to come out as yet another real asset class.

Tether is committed to compliance, regulation, and innovation, with the capability of efficiently issuing assets. The Tether stablecoin EURT is retiring and consequently working on projects that fit requirements within MiCA, which can actually enable their extensions to reach an increasingly different crypto Europe.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

EURT

MiCA

Tether

USDT

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.