Crypto News- Bitstamp discontinues Euro Tether in response to new MiCA guidelines
Crypto News– Bitstamp, a cryptocurrency exchange that was among the first to list Tether’s euro-denominated stablecoin, Euro Tether, in November 2021, is preparing for the full enforcement of Europe’s Markets in Crypto-Assets Regulation (MiCA). As part of its compliance efforts, Bitstamp announced on June 26 that it will delist Euro Tether (EURT) before the end of June. This decision aligns with the impending enforcement of MiCA, scheduled to take effect on June 30.
Decline of Euro Tether
Launched in 2021, Euro Tether is a stablecoin issued by Tether, the company behind the widely-used USD Tether (USDT), which holds the largest market value among stablecoins at over $110 billion.
Euro Tether (EURT), in contrast, has a much smaller market capitalization, currently estimated at approximately $33 million as per CoinGecko’s latest data. Since its peak around $236 million in February 2022, EURT has experienced a notable decline in market capitalization throughout 2022 and 2023.
Bitstamp calls for consistent cryptocurrency regulation across Europe
James Sullivan, Bitstamp’s managing director for the United Kingdom, emphasized the exchange’s backing of MiCA’s objective to standardize cryptocurrency regulations across the European Union.
We have always supported a balanced regulatory approach that safeguards consumers and fosters the continued development of cryptocurrencies as an asset class, Sullivan stated. He added, Our dedication to compliance and security positions us well to adjust to these positive developments. We are reaching out directly to the minority of our customers whose portfolios are impacted.
Coins not denominated in euros remain unaffected
Bitget’s recent stablecoin restrictions will not impact stablecoins that are not pegged to the euro.
In contrast to Bitstamp, Uphold and other exchanges have chosen to delist USDT and six other stablecoins to comply with MiCA regulations, as announced on June 18.
According to reports, Tether CEO Paolo Ardoino criticized the European regulation in May 2024, stating that the company did not plan to operate under MiCA’s regulatory framework.
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