Kusama

USDQ

Read

Tether is discontinuing its support for the Euro-pegged stablecoin EURT, and will no longer accept new issuance requests.
The Tether (<a rel="noopener noreferrer nofollow" href="https://crypto.news/price/tether/">USDT</a>) issuer notified its community and the broader industry that the company has ended EURT support via a <a href="https://tether.io/news/tether-updates-users-on-a-strategic-transition-to-better-support-community-driven-product-support/" target="_blank" rel="noopener noreferrer nofollow">blog post</a> on Nov. 27.
According to the announcement, the decision to halt the minting of the Euro-pegged stablecoin comes amid the industry’s adjustment to the regulatory environment around stablecoins. In particular, Tether has taken this step in response to the European Union’s stablecoin regulation as outlined in the Markets in Crypto-Assets regulation.
MiCA rolled out for stablecoins in June, with full implementation of the comprehensive regulatory regime set for December 30, 2024.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “After careful consideration, we have made the decision to discontinue support for EUR₮. As such, Tether has ceased minting EUR₮, with the last acquisition request processed in 2022, and new EUR₮ issuance requests are no longer accepted,” Tether wrote.
</blockquote>
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/mica-winners-and-losers-of-new-eu-crypto-laws/"> MiCA: Winners and losers of new EU crypto laws as deadline looms </a>
The USDT issuer is choosing to end EURT support “until a more risk-averse framework is in place.” Customers with EURT balances on blockchains have until November 27, 2025, to redeem their holdings.
Tether previously disclosed plans to halt EURT across several chains, including EOS, Omni, Kusama and Algorand. However, this has changed with stringent rules around asset-referenced tokens. Some exchanges announced the delisting of the fiat-backed token this year. They include OKX, Bitstamp and <a rel="noopener noreferrer nofollow" href="https://crypto.news/coinbase-to-delist-non-compliant-stablecoins-for-eu-clients-over-mica-rules/">Coinbase</a>.
As the crypto platform takes this step, it notes that its focus will now be on other initiatives. These include Tether’s support for recently launched MiCA-compliant stablecoins USDQ and EURQ.
Tether recently <a rel="noopener noreferrer nofollow" href="https://crypto.news/tether-to-invest-in-quantoz-to-support-mica-compliant-stablecoins/">invested</a> in USDQ and EURQ issuer Quantoz Payments, which crypto.news highlighted last week. Tether’s blockchain technology solution Hadron by Tether will power this integration.
The EURT stablecoin was <a rel="noopener noreferrer nofollow" href="https://crypto.news/tether-inc-launches-euro-token-eurt/">launched</a> in 2016.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/tether-has-minted-over-3-billion-in-usdt/"> Tether has minted over $3 billion in USDT </a>

Tether ends support for EURT stablecoin amid MiCA compliance

crypto.news

Other articles published on Nov 27, 2024

Cardano Price Prediction For November 27

Junkcoin ($JKC) Now Listed on AscendEX: A Historic Revival

Ripple Questions SEC’s Enforcement Practices

Missed PEPE? Don’t Miss Out on This New Token That’s Breaking Records at Lightning Speed

Final Chance? Grab This Cryptocurrency Before Its Predicted 10,000% Surge Outpaces DOGE

FCA’s Survey and Roadmap Reveal UK’s Crypto Regulation Outlook

Join our free newsletter for daily crypto updates!