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Tether, the leading issuer of stablecoins, has announced the discontinuation of its euro-pegged stablecoin, EURT. The decision, revealed in a press release on Wednesday, states that the company will stop supporting EURT but will allow users to redeem their tokens until November 27, 2025.
The move comes ahead of the European Union’s new regulatory framework, the Markets in Crypto-Assets (MiCA) regulation, which is set to be fully implemented by the end of this year. MiCA demands that stablecoin issuers comply with stringent rules or risk losing access to the European market of over 450 million consumers.
Tether has not obtained the necessary Electronic Money Institution (EMI) license to operate within the EU, a requirement under MiCA. Paolo Ardoino, Tether’s CEO, has voiced strong opposition to the regulation, calling it burdensome. In contrast, Circle, the issuer behind the widely used USDC stablecoin, has already met the MiCA requirements.
Despite its long-standing presence in the market, EURT has not gained significant traction. The euro stablecoin had a modest market capitalization of $27 million, far behind its competitors—Circle’s EURC with $90 million and Stasis Euro’s $130 million. For comparison, Tether’s flagship stablecoin, USDT, holds a massive $132 billion market cap.
Looking ahead, Tether is shifting its focus to new projects, including partnerships aimed at complying with MiCA. Recently, the company invested in Quantoz, a Netherlands-based stablecoin issuer, and launched the Hadron platform, designed to help smaller stablecoin projects become MiCA-compliant. In a statement, Tether emphasized its future strategy: “At this time we will be focusing our support on new ventures such as the launch of Quantoz Payments’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ which will be powered by Tether’s advanced technology solution, Hadron by Tether.”
With EURT’s phase-out, Tether’s attention now shifts to supporting emerging stablecoin projects that align with regulatory requirements in the EU.