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Tether: STOP the EURT stablecoin, pending MiCA
By Davide Grammatica
EURT stablecoin will no longer be supported by Tether, which is preparing for the entry into force in the EU of the MiCa regulation at the end of December
MiCA stops EURT
The issuer of USDT, Tether, has announced the discontinuation of support for its EURT stablecoin . Users holding the stable on the various blockchains will then have to redeem their assets within a year.
The decision for this stop follows the directions of MiCA, the new European crypto regulation, which introduces very specific criteria to be met regarding stablecoins.
“The discontinuation of support for EURT is in line with our broader development strategy, which is to protect against new and evolving regulatory frameworks surrounding stablecoins,” reads Tether’s official statement.
Partly because of this, the issuer’s focus will now be shifted to assets that comply with the new regulation, such as EURQ and USDQ.
Tether's problems with the EU
The new MiCA regulations will be implemented gradually. These include new criteria to be met in relation to reserves, but also several of an administrative nature, common to any issuer offering services within the EU.
There are already those who, with respect to regulation, have already adapted. Circle‘sEURC, for example, has taken advantage of Tether’s regulatory problems to overcome the euro stable with respect to capitalization. But also not to be underestimated is the regulatory impact that MiCA could have (in a worst-case scenario) on USDT, which to date has not yet obtained the necessary license. Should it be denied, exchanges would be forced to offer only a limited portion of the stable.
“MiCA requirements could not only make the issuer’s job complex, but also affect the security of the assets, which would become,” Tether ceo Paolo Ardoino had said last June
