Tether Stops Offering Euro-Pegged Stablecoin
Tether, will discontinue support for its euro-pegged stablecoin and request that holders redeem their holdings within a year.
Tether formally announced that it would stop minting its EUR₰ (EURT) stablecoin and will stop supporting it on all blockchains. 28. The firm stated that new requests for EUR issuance are no longer accepted, as the last acquisition request was completed in 2022.
“Given the changing regulatory landscape around stablecoins in the European market, this decision is in line with our broader strategic direction,” the statement continued.
The European Markets in Crypto-Assets Regulation (MiCA), is anticipated to implement stablecoin-related regulatory frameworks by the end of this year
‘We have chosen to prioritize other initiatives until a more risk-averse framework is in place — one that fosters innovation and offers the stability and protection our users deserve,” Tether stated. Paolo Ardoino, the CEO of Tether, had previously publicly criticized MiCA regulations, claiming that they presented stablecoins with “systemic” banking risks.
Tether will continue to support new projects that offer stablecoins that comply with MiCA, such as the EURQ and USDQ stablecoins created by the Dutch fintech company Quantoz Payments, even though it is discontinuing its euro stablecoin.
The most recent announcement states that Hadron, a technology solution by Tether, will enable Quantoz’s EURQ and USDQ stablecoins.
The Hadron tool seeks to assist issuers in streamlining the creation and administration of stablecoins with strong blockchain interaction, compliance, and anti-money laundering features.
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