Tether, the issuer of the popular USDT stablecoin, has announced plans to discontinue its Euro currency supported stablecoin called “EURT.”
In a statement, Tether said it is phasing out the EURT stablecoin because of regulatory challenges within Europe.
EURT holders now have until Nov. 25, 2025, to redeem their tokens, and no new issuance requests will be accepted moving forward.
The decision to end the European stablecoin comes after the European Union adopted its new “Markets in Crypto-Assets” (MiCA) regulations last year.
EURT had launched in 2016 and was pegged 1:1 to the Euro currency.
However, EURT’s market capitalization has declined significantly to Euro $27 million in recent months. At its peak, EURT had a market cap of more than Euro $500 million.
The MiCA regulations impose strict rules on stablecoin issuers, including related to money laundering, with full implementation expected in December of this year.
Tether’s decision to end the EURT stablecoin comes amid increased scrutiny of stablecoins and allegations of misuse.
A recent report alleged that the USDT stablecoin has been used by criminal organizations for cross-border transactions.
The company has emphasized its commitment to protecting users and supporting a regulatory framework that lessens risk. However, Tether says the European regulations go too far.
Stablecoins are cryptocurrencies whose underlying value is tied to another asset, typically the U.S. dollar or gold bullion.
