Stablecoin issuing big Tether is closing down its euro stablecoin, EURT.
“After cautious consideration, we’ve got made the choice to discontinue assist for EURâ‚®,” the agency mentioned in a press launch on Wednesday. Customers will be capable of redeem tokens till Nov. 27, 2025, the publish added.
The choice comes as digital asset companies working within the EU are in crunch time earlier than region-wide laws, often called MiCA, enter into full pressure by the top of this yr.
MiCA requires stablecoin issuers to get compliant or probably retreat from the market of 450 million customers. Tether CEO Paolo Ardoino has been a vocal critic of the brand new guidelines and the corporate has not obtained the required Digital Cash Establishment (EMI) license to function within the EU. In the meantime, rival issuer Circle, the corporate behind the $36 billion market cap USDC, mentioned it fulfilled the necessities to function within the area.
EURT did not entice appreciable demand within the euro stablecoin market. It solely has a $27 million market capitalization, per CoinGecko information, lagging behind Circle’s EURC $90 million and Stasis Euro’s $130 million. Compared, Tether’s flagship stablecoin USDT has a $132 billion market capitalization.
Tether not too long ago invested in Netherlands-based stablecoin issuer Quantoz and in addition launched a tokenization platform, Hadron, that goals to assist smaller, MiCA-compliant stablecoin corporations to difficulty tokens.
“Presently we shall be focusing our assist on new ventures such because the launch of Quantoz Funds’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ which shall be powered by Tether’s superior expertise answer, Hadron by Tether,” the agency mentioned in a press release.
