Breaking News: Tether Ends EURT Stablecoin, What’s Next for the Market?

In the world of Web3, everything changes rapidly, and traders must be prepared for these changes by staying alert and acting quickly. Today, Coinmooner wants to share an important update directly affecting the stablecoin industry, which could impact many market participants.

One of the key topics is news from Tether, the largest stablecoin issuer in the world. The company, known for its flagship USDT asset, has announced discontinuing support for the EURT stablecoin, which was pegged to the euro. Token holders have been given a year to redeem their assets. According to Tether, users can exchange EURT until November 27, 2025. However, the company has already stopped processing new requests for issuing this token—the last such request was handled back in 2022.

Tether emphasized that this decision reflects the company’s strategic approach and considers changes in Europe’s regulatory framework. New legislation regulating stablecoins in the EU has significantly impacted issuers. In its statement, Tethernoted: “Until a more robust and secure ecosystem is created to support innovation and ensure stability, we intend to focus on other initiatives.”This highlights Tether's commitment to adapting to new conditions while minimizing user risks.

EU Regulations Push Tether to Discontinue EURT: How It Impacts Investors

Interestingly, as of this writing, EURT’s market capitalization is only $27 million, just 0.02% of USDT’s total capitalization. This shows that the asset’s impact on the market is relatively small, though the decision could still be significant for individual users.

Experts associate this move by Tether with preparations for implementing new crypto asset regulations under MiCA (Markets in Crypto-Assets), which will come fully into effect by the end of 2024. MiCA aims to ensure transparency and security in Europe’s crypto market but introduces strict requirements for stablecoin issuers. In this context, Tether has already outlined plans to support new stablecoins that comply with these regulations. These include EURQ and USDQ, projects developed by Dutch fintech company Quantoz Payments, which align with MiCA standards.

In conclusion, we want to remind everyone that the Web3 world demands constant vigilance and the adoption of advanced security measures. As technology evolves rapidly, it’s crucial to protect your assets and your personal data. Coinmooner recommends always staying ahead by using the latest security tools to safeguard your funds and navigate confidently in the new digital reality.