Tether, the biggest stablecoin provider, has declared that it will no longer provide support for its euro-backed stablecoin, EURT. The company, however, noted that it had stopped minting EURT in 2022 and that holders of the token should redeem it by November 27, 2025. This move is consistent with the company’s decision to review its products based on the regulatory requirement.
Tether To End Support For EURT Stablecoin
In a recent blog post, Tether announced that the EURT Stablecoin will no longer be supported, with a redemption option available until November 27, 2025. The company stressed that there will be no new issuance requests for EURT since the minting of the same ceased in 2022.
The move is part of Tether’s strategic shift to focus on projects that are more relevant to changing regulatory environments.
Several crypto exchanges are delisting EURT and Tether’s USDT stablecoin to comply with the EU’s MiCA regulations. Bitstamp, one of the first to list EURT, removed it by June 2024. OKX has also delisted EURT pairs, while Uphold dropped USDT and six other stablecoins for European users. Similarly, Coinbase is set to delist non-MiCA-compliant stablecoins in the EU by December 2024.
According to the stablecoin issuer, holders should redeem their tokens on supported blockchains before the deadline.
Focus On MiCA-Compliant Stablecoins EURQ and USDQ
Tether is shifting its focus to expanding stablecoin products that comply with MiCA regulatory standards. This change also entails the launching of EURQ and USDQ, which are MiCA-compliant tokens. The tokens will offer convenient, dependable, and secure transactions in the European zone.
More so, the new tokens will be launched in partnership with Quantoz Payments, a fintech firm based in the Netherlands. EURQ and USDQ were introduced to meet the growing need for stronger and more well-regulated stablecoins.
The EURQ and USDQ stablecoins will be issued and managed on Hadron. This platform has streamlined the process of creating stablecoins and other tokenized assets. Hadron has pre-built compliance features, which make it a better solution for tokenizing stocks, bonds, and stablecoins.
This technology ensures that token issuers, including Quantoz, can operate within regulatory frameworks while maintaining efficiency and security. Tether’s strategic transition to compliant solutions like EURQ and USDQ addresses the needs of the evolving digital economy and will strengthen its position as a leader in the stablecoin market.
The post Tether Discontinues EURT Stablecoin, Here’s Why appeared first on CoinGape.
