In a significant move for the blockchain and cryptocurrency sector, Tether has ceased the issuance of its Euro-backed stablecoin, EURT, citing new EU regulations.
Tether's Decision: Halting EURT Issuance
Following the enforcement of MiCA, Tether announced the cessation of EURT issuance. It was paused in 2022, and holders have until November 27, 2025, to redeem their assets.
Impact of MiCA on the Stablecoin Market
MiCA has reshaped the stablecoin landscape in Europe, imposing strict requirements on issuers that include consumer protection and market stability measures.
Future Tether Initiatives and Development of EURQ and USDQ
Tether is focusing on the development of MiCA-compliant stablecoins like EURQ and USDQ. These initiatives highlight its commitment to innovation and compliance with regulatory changes.
This move underscores the importance for stablecoin issuers to adapt to regulatory requirements while continuing to innovate safely for users.
