Tether to Cease Support for EURT

Tether will halt support for the euro-pegged stablecoin EURT due to low demand and tightening regulations in the EU.

Tether’s decision to delist EURt has not been taken lightly, but until a more risk-averse regulatory framework in Europe is in place—one that fosters innovation, offers the stability and protection our users deserve and avoids potential banking systemic risks—we have chosen to… https://t.co/WQWAeMwpbD

— Paolo Ardoino ?? (@paoloardoino) November 27, 2024

According to the statement, the last request to purchase the asset was processed back in 2022, confirming the issuer’s cessation of coin issuance. New applications will not be accepted.

Tether has urged EURT holders to redeem their tokens by November 27, 2025.

“Tether has made the difficult decision to delist EURT. However, until a more liberal regulatory framework emerges in Europe—one that promotes innovation, ensures user protection and stability, and minimizes potential systemic risks to the banking sector—the company will focus its efforts on other priority initiatives,” wrote the company’s CEO Paolo Ardoino.

In the EU, the firm will focus on supporting other projects, including the launch of MiCA-compliant stablecoins EURQ and USDQ by Quantoz Payments. The Dutch company uses Tether’s Hadron platform for asset tokenization.

Promoting this suite of blockchain solutions will become a priority for the USDT issuer in the region.

Back in August, Ardoino called MiCA a threat to stablecoins and the banking system.

Several exchanges, including Coinbase, Uphold, Binance, and OKX, have announced restrictions on EU clients’ access to unregulated “stablecoins.”