On November 27, Tether has announced it will no longer support EURT
$1.05
, its euro-backed stablecoin.
The company has urged users to redeem their EURT holdings within a year, with the final date for redemptions set for November 25, 2025.
Tether confirmed that it has ceased minting EURT across all blockchains. The firm clarified that the last request to acquire EURT was fulfilled in 2022, and no new issuance requests will be processed.
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Introduced in 2016, EURT was designed as a stablecoin pegged one-to-one to the euro. Despite this, its adoption has remained limited. As of writing, EURT represents a market capitalization of $27 million, a mere 0.02% of the valuation of Tether’s flagship USDT
$1.00
token.
Tether also emphasized the importance of community feedback in guiding the deployment and discontinuation of its tokens.
Community input is crucial in our decision-making process for deploying Tether tokens on specific blockchains.
However, the firm acknowledged that the regulatory environment for stablecoins in Europe, including the implementation of the Markets in Crypto-Assets Regulation (MiCA) by late 2024, played a crucial role in its decision.
Furthermore, Tether highlighted that the absence of a stable and innovation-friendly regulatory framework contributed to the decision to shift focus away from EURT.
The company stressed its commitment to ensuring user protection and fostering stability, noting that it will prioritize other initiatives until a more accommodating regulatory environment is in place.
As Tether steps back from EURT, the broader crypto market continues to face challenges. Recently, Binance’s decision to sever ties with certain tokens sent shockwaves through the market, wiping out 40% of their value. What led to this decision? Read the full story.
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