Tether Ends Support for Stablecoin EURt

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Tether has announced that it will no longer support its euro-pegged stablecoin, EURt. Users are being asked to redeem their EURt holdings within a year. The discontinuation of EURt on all blockchains was officially announced on November 27th by Tether.

The company stated that it will no longer mint new EURt tokens and the last acquisition request for EURt was processed in 2022. The firm is no longer accepting new issuance requests for EURt.

Tether explained that this decision aligns with their overall strategy, taking into consideration the changing regulatory landscape for stablecoins in the European market.

EURt, which was launched by Tether in 2016, is a stablecoin linked to the euro’s value at a 1:1 ratio. It provides a stable asset in a volatile cryptocurrency market. Currently, EURt has a market capitalization of $27 million, which is only 0.02% of Tether’s USDt stablecoin market capitalization.