Tether to stop supporting EURt due to European regulatory challenges, focus on Hadron

Stablecoin issuer Tether announced plans to end support for its euro stablecoin EURt in a statement on Nov. 27. Tether CEO Paolo Ardoino attributed the move to Europe’s evolving regulatory environment for stablecoins. The company said it has stopped minting new EURt tokens, with the last issuance request processed in 2022. Current holders of the asset can redeem the tokens until Nov. 27, 2025. Data shows that EURt has struggled to gain traction in Europe, with a market cap of just $38 million, lagging behind Circle’s EURC ($90.5 million) and Stasis’ Euro ($130 million). In stark contrast, Tether’s flagship stablecoin USDT has a market cap of $132 billion, more than three times that of its closest competitor USDC. While Tether may not be compliant with MiCA regulations, Ardoino noted that the company’s new initiative, Hadron, will be a priority for the European region. According to him, Hadron has the potential to revolutionize the accessibility of asset tokenization to institutions, governments, fund managers, and private companies. (CryptoSlate)