Tether ends support for EURT stablecoin amid MiCA compliance

Tether is ending support for the European-pegged stablecoin EURT and will no longer accept new issuance requests.

The issuer of Tether (USDT) notified its community and the broader industry that the company is ending support for EURT via a blog post on November 27.

According to the announcement, the decision to halt the issuance of pegged stablecoins in Europe comes as the industry adapts to the regulatory environment around stablecoins. Tether specifically took this step in response to the European Union’s stablecoin regulation outlined in the Crypto Asset Markets regulation.

MiCA was launched for stablecoins in June, with full implementation of the comprehensive regulatory regime set for December 30, 2024.

“After careful consideration, we have decided to discontinue support for EUR₮. Tether wrote that once the last purchase request was processed in 2022, Tether ceased issuing EUR₮ and new EUR₮ issuance requests were no longer accepted.

The USDT issuer is choosing to discontinue 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 assets.

Tether had previously announced plans to discontinue EURT on various chains, including EOS, Omni, Kusama, and Algorand. However, this has changed due to strict rules around asset-backed tokens. Some exchanges announced that the fiat-backed token was delisted this year. They include OKX, Bitstamp, and Coinbase.

The crypto platform states that while taking this step, the focus will now be on other initiatives. These include support for Tether’s recently launched MiCA-compatible stablecoins USDQ and EURQ.

Tether recently invested in Quantoz Payments, the USDQ and EURQ issuer that crypto.news highlighted last week. Tether’s blockchain technology solution Hadron by Tether will power this integration.

The EURT stablecoin was launched in 2016.