Tether to end EURT support, focusing on MiCA-compliant stablecoins
Key Takeaways
- Tether is discontinuing support for its euro-pegged stablecoin EURT due to regulatory changes.
- Tether will focus on EURQ and USDQ, MiCAR-compliant stablecoins, in partnership with Quantoz Payments.
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Tether said Wednesday it will no longer support its euro-pegged stablecoin EURT. Instead, the company is shifting focus to new projects, including stablecoins that comply with the Markets in Crypto Assets (MiCA) regulations.
The leading stablecoin issuer stated it had ceased minting EURT since 2022. Holders of EURT across all blockchains have until November 27, 2025, to redeem their tokens.
Tether originally announced plans to halt EURT on a number of blockchains like Omni, Kusama, SLP, EOS, and Algorand, starting from September 1, 2025.
However, under the upcoming MiCA legislation, Tether has decided to prioritize initiatives that comply with the new standards, including the launch of Quantoz Payments’ MiCA-compliant stablecoins, EURQ and USDQ, powered by Tether’s Hadron technology.
The Hadron platform, also known as Hadron by Tether, provides tools for stablecoin issuance, blockchain interaction, compliance, and anti-money laundering management, the firm noted.
“Until a more risk-averse framework is in place—one that fosters innovation and offers the stability and protection our users deserve—we have chosen to prioritize other initiatives,” Tether stated.
MiCA rules are expected to be fully implemented by December 30, 2024. The rules has applied for stablecoins since June this year, specifically asset-referenced tokens and e-money tokens.
The regulation will impose strict rules on stablecoins operating within the European Economic Area (EEA).
A number of crypto exchanges announced the delisting of EURT, as well as Tether’s USDT stablecoin in response to MiCA rules.
Bitstamp was one of the first to list EURT and decided to delist it before the end of June 2024. OKX also took steps to comply with MiCA by delisting certain stablecoin pairs, including EURT.
Uphold also opted to delist USDT and six other stablecoins from its platform for European users.
Binance has restricted access to certain stablecoins, including EURT, as part of its compliance measures.
Although Kraken initially reviewed its offerings, it has not officially announced a delisting of EURT but is considering compliance with MiCA regulations.
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