Tether Discontinues Support for EURT, Set to Prioritize USDQ and EURQ

2024-11-29 05:36:51

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Tether’s decision to discontinue EURT and prioritize USDQ and EURQ highlights the company’s forward-looking approach.

Tether is Phasing out EURT

Tether has decided to pull the plug on its Euro-pegged stablecoin, EURT. According to Tether’s announcement, holders of EURT will have until Nov. 27, 2025, to redeem their tokens, as the company will no longer support the product due to changes in the European regulatory environment. All EURT tokens on all blockchains are impacted by this decision.

Sharing his thoughts via his X account, the CEO of Tether, Paolo Ardoino said,

“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 ic risks—we have chosen to prioritize other initiatives.”

Prior to the announcement, the EURT market capitalization stood at $38.3 million. This represented a minor portion of Tether’s overall stablecoin market capitalization, which is over 133 billion, according to Defillama. The adoption of the coin was significantly lower than that of Tether’s USDT.

Tether’s focus in the EU region going forward will be on new initiatives, such as the introduction of EURQ and USDQ, two novel stablecoins from Quantoz Payments that are markets in crypto assets regulation (MiCAR) compliant and will be driven by Tether’s technology solution, Hadron by Tether.

Tether’s Hadron software simplifies the issuance process and provides strong blockchain interface, compliance, and anti-money laundering (AML) capabilities for continuous management, enabling issuers to create and administer stablecoins with ease. The tokenization process for a wide range of assets, including equities, bonds, stablecoins, loyalty points, and more is made easier with Hadron by Tether.

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