According to Foresight News, before the EU Crypto Asset Market Regulation (MiCA) came into effect, Lugh, a stablecoin issuer pegged to the euro, announced that it would stop issuing its stablecoin EURL and guarantee the redemption of existing EURLs before August 30, 2024. Lugh said that users can redeem tokens by visiting its website.
The circulation of Lugh’s EURL tokens has plummeted from about $2.8 million in March to about $32,000 as of Tuesday, according to DefiLlama data, suggesting that most holders may have redeemed their tokens.
