Tether is discontinuing its support for the Euro-pegged stablecoin EURT, and will no longer accept new issuance requests.
The Tether (USDT) issuer notified its community and the broader industry that the company has ended EURT support via a blog post on Nov. 27.
According to the announcement, the decision to halt the minting of the Euro-pegged stablecoin comes amid the industry’s adjustment to the regulatory environment around stablecoins. In particular, Tether has taken this step in response to the European Union’s stablecoin regulation as outlined in the Markets in Crypto-Assets regulation.
MiCA rolled out for stablecoins in June, with full implementation of the comprehensive regulatory regime set for December 30, 2024.
“After careful consideration, we have made the decision to discontinue support for EUR₮. As such, Tether has ceased minting EUR₮, with the last acquisition request processed in 2022, and new EUR₮ issuance requests are no longer accepted,” Tether wrote.
Read more: MiCA: Winners and losers of new EU crypto laws as deadline looms
The USDT issuer is choosing to end 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 holdings.
Tether previously disclosed plans to halt EURT across several chains, including EOS, Omni, Kusama and Algorand. However, this has changed with stringent rules around asset-referenced tokens. Some exchanges announced the delisting of the fiat-backed token this year. They include OKX, Bitstamp and Coinbase.
As the crypto platform takes this step, it notes that its focus will now be on other initiatives. These include Tether’s support for recently launched MiCA-compliant stablecoins USDQ and EURQ.
Tether recently invested in USDQ and EURQ issuer Quantoz Payments, which crypto.news highlighted last week. Tether’s blockchain technology solution Hadron by Tether will power this integration.
The EURT stablecoin was launched in 2016.
Read more: Tether has minted over $3 billion in USDT