As a seasoned researcher with a decade of experience in the dynamic world of cryptocurrencies and blockchain technology, I find Tether’s decision to discontinue support for EURT and focus on MiCA-compliant stablecoins like EURQ and USDQ an intriguing development.
Tether, the leading stablecoin issuer, announced that it will discontinue support for its Euro-pegged stablecoin, EURT. The company had already stopped minting new EURT tokens in 2022, and holders are encouraged to redeem their tokens by November 27, 2025. This decision aligns with Tether’s ongoing product review process, which is being guided by regulatory requirements.
Tether To End Support For EURT Stablecoin
In their latest blog update, Tether has declared that they are discontinuing support for the EURT Stablecoin. However, users have until November 27, 2025, to redeem their EURT. It’s important to note that Tether will not be accepting any new issuance requests for EURT, as the process of minting new coins stopped in 2022.
The action is a component of Tether’s strategic change, aiming to concentrate on initiatives that align better with evolving regulatory landscapes.
Due to MiCA regulations set by the EU, various digital currency exchanges are taking down EURT and Tether’s USDT stablecoin from their platforms. Bitstamp, which initially listed EURT, has already removed it with a deadline of June 2024. OKX has also discontinued trading pairs involving EURT, while Uphold has ceased support for USDT as well as six other stablecoins for European users. Similarly, Coinbase plans to remove non-MiCA compliant stablecoins from their EU platform by December 2024.
As per the instructions from the stablecoin provider, it’s recommended that you exchange your tokens for those compatible with approved blockchain networks prior to the specified cut-off date.
Focus On MiCA-Compliant Stablecoins EURQ and USDQ
Tether is planning to expand its operations by developing stablecoin products that adhere to MiCA regulations. This transition includes introducing EURQ and USDQ – tokens compliant with MiCA rules. These new tokens promise hassle-free, reliable, and secure transactions within the European region.
Furthermore, it’s worth noting that the upcoming tokens will be collaboratively released with Quantoz Payments, a reputable fintech company headquartered in the Netherlands. The introduction of EURQ and USDQ is aimed at addressing the increasing demand for robust and well-regulated stablecoins.
As an analyst, I am excited to announce that I will be involved in the issuance and management of EURQ and USDQ stablecoins on the Hadron platform. This cutting-edge technology simplifies the process of creating stablecoins and other tokenized assets, making it a game-changer in the digital asset world.
This technology empowers token issuers, including Quantoz, to function effectively within regulatory guidelines while preserving efficiency and security. Tether’s astute shift towards compliant options such as EURQ and USDQ aligns with the changing digital economy, fortifying its status as a dominant player in the stablecoin market.
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2024-11-27 19:40