In a statement released on November 27, stablecoin issuer Tether announced its decision to stop supporting its Euro-pegged stablecoin, EURt. The company stated that it will no longer be creating new EURt tokens, with the last issuance being processed in 2022.
Holders of the asset can redeem their tokens until November 27, 2025. This marks the end of EURt’s journey, as it struggled to gain traction in a market dominated by its competitors, such as Circle’s MiCA-compliant EURC.
According to data from CryptoSlate, EURt has a market capitalization of only $38 million, while EURC and Stasis’ Euro have valuations of $90.5 million and $130 million respectively. In contrast, Tether’s main stablecoin, USDt, has a strong market cap of $132 billion, which is more than three times higher than its closest competitor, USDC.
According to Tether CEO Paolo Ardoino, the decision to end EURt’s support is due to Europe’s evolving regulatory landscape for stablecoins. The EU’s Markets in Crypto-Assets Regulation (MiCA) requires stablecoin issuers to obtain e-money authorization in at least one EU member country, which Ardoino believes presents systemic risks to banks and digital assets.
