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Tether To End Support For EURT Stablecoin
Tether, the biggest stablecoin provider, has declared that it will no longer provide support for its euro-backed stablecoin, EURT. The company notes that it had stopped minting EURT in 2022 and that holders of the token should redeem it by November 27, 2025. This move is consistent with the company’s decision to review its products based on regulatory requirements.
Focus On MiCA-Compliant Stablecoins EURQ and USDQ
Tether is shifting its focus to expanding stablecoin products that comply with MiCA regulatory standards. This change also involves the launch of EURQ and USDQ, which are MiCA-compliant tokens. The tokens will offer convenient, dependable, and secure transactions in the European zone.
The new tokens will be issued and managed on Hadron, a platform that has streamlined the process of creating stablecoins and other tokenized assets. Hadron has pre-built compliance features, making it a better solution for tokenizing stocks, bonds, and stablecoins.
This technology ensures that token issuers, including Quantoz, can operate within regulatory frameworks while maintaining efficiency and security. Tether’s strategic transition to compliant solutions like EURQ and USDQ addresses the needs of the evolving digital economy and will strengthen its position in the market.
Redeeming EURT Tokens
Holders of EURT tokens should redeem them on supported blockchains before the deadline. The stablecoin issuer emphasizes that there will be no new issuance requests for EURT since minting of the same ceased in 2022.
Several crypto exchanges are delisting EURT and Tether’s USDT stablecoin to comply with the EU’s MiCA regulations. Bitstamp, one of the first to list EURT, removed it by June 2024. OKX has also delisted EURT pairs, while Uphold dropped USDT and six other stablecoins for European users. Similarly, Coinbase is set to delist non-MiCA-compliant stablecoins in the EU by December 2024.
FAQs
Q: What is the reason for Tether’s decision to end support for EURT?
A: Tether has stopped minting EURT in 2022, and the company is shifting its focus to regulatory-compliant stablecoins like EURQ and USDQ.
Q: What is the deadline for redeeming EURT tokens?
A: The deadline for redeeming EURT tokens is November 27, 2025.
Q: What is the new focus of Tether’s stablecoin products?
A: Tether is shifting its focus to expanding stablecoin products that comply with MiCA regulatory standards, including the launch of EURQ and USDQ.
Q: Where will the new stablecoins be issued and managed?
A: The new stablecoins will be issued and managed on Hadron, a platform that has streamlined the process of creating stablecoins and other tokenized assets.
Q: How will the transition to regulatory-compliant stablecoins benefit Tether?
A: The transition will strengthen Tether’s position in the market and ensure compliance with regulatory requirements while maintaining efficiency and security.
