On November 27, Tether has announced it will no longer support EUR₮
The company has urged users to redeem their EUR₮ holdings within a year, with the final date for redemptions set for November 25, 2025.
Tether confirmed that it has ceased minting EUR₮ across all blockchains. The firm clarified that the last request to acquire EUR₮ was fulfilled in 2022, and no new issuance requests will be processed.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
What is Olympus DAO? (OHM Crypto Animated Explainer)
Introduced in 2016, EUR₮ was designed as a stablecoin pegged one-to-one to the euro. Despite this, its adoption has remained limited. As of writing, EUR₮ represents a market capitalization of $27 million, a mere 0.02% of the valuation of Tether’s flagship USD₮
Tether also emphasized the importance of community feedback in guiding the deployment and discontinuation of its tokens.
Community input is crucial in our decision-making process for deploying Tether tokens on specific blockchains.
However, the firm acknowledged that the regulatory environment for stablecoins in Europe, including the implementation of the Markets in Crypto-Assets Regulation (MiCA) by late 2024, played a crucial role in its decision.
Furthermore, Tether highlighted that the absence of a stable and innovation-friendly regulatory framework contributed to the decision to shift focus away from EUR₮.
The company stressed its commitment to ensuring user protection and fostering stability, noting that it will prioritize other initiatives until a more accommodating regulatory environment is in place.
As Tether steps back from EUR₮, the broader crypto market continues to face challenges. Recently, Binance’s decision to sever ties with certain tokens sent shockwaves through the market, wiping out 40% of their value. What led to this decision? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
