Stablecoin

<a href="https://bitcoinworld.co.in/lugh-to-stop-the-issuance-of-stablecoin-eurl-after-binances-delisting-announcement-users-given-deadline-until-august-30th/" title="Lugh To Stop The Issuance Of Stablecoin EURL After Binance’s Delisting Announcement: Users Given Deadline Until August 30th" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">After Binance announced that it could delist some altcoins in Europe, another company, Lugh, took another step to stop the issuance of its stablecoin “EURL.”</li>
</ul>
<a href="https://www.lugh.io" rel="noopener noreferrer nofollow">Lugh</a>, a European stablecoin provider, announced that it has stopped the issuance of its Euro-pegged stablecoin EURL due to the coming into force of the European Union’s Crypto Asset Markets Directive (MiCA).
According to the statement made on its website, the company guarantees the repurchase of existing EURLs until August 30, 2024.
This development comes after Binance, the world’s largest cryptocurrency exchange by trading volume, announced that it would soon limit the availability of “unregulated” stablecoins in the EU.&nbsp;
While Binance has not specifically mentioned major stablecoins such as Tether’s USDT and Circle’s USDC, there are growing concerns that European citizens may face restrictions on accessing these popular tokens due to MiCA.
Lugh’s Euro-pegged EURL token has experienced a significant decline in circulation in recent months.&nbsp;
Data from DefiLlama shows that EURL’s circulation has dropped from around $2.8 million in March to around $32,000 as of today, suggesting that most holders may have already returned their tokens for cash.
Lugh has offered a refund option for token holders on its website. The company argued that it assured its users that “all EURLs are and will continue to be guaranteed 1:1 by our reserve account opened at Société Générale and audited monthly by Deloitte.”
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote>

Lugh To Stop The Issuance Of Stablecoin EURL After Binance’s Delisting Announcement: Users Given Deadline Until August 30th

ItsBitcoinWorld

Other articles published on Jun 5, 2024

Phantom Wallet Launches Auto-Confirm for Flash Trade

Hacked DMM Bitcoin Secures $320 Million for Bitcoin Purchase

New Solana Memecoin Wall Street Fuks Will Rally 14,000% Ahead of KuCoin Listing, as Shiba Inu, Bo...

Crypto Cash Splash: Coinbase, Ripple Shell Out $25 Million Each To Influence Elections

BlackRock and Citadel back new Texas national stock exchange

Hong Kong Shuts Out Unlicensed Crypto Exchanges As Deadline Expires

Join our free newsletter for daily crypto updates!