Crypto exchange Bitstamp will delist Tether’s EURT stablecoin

The reason was the imminent entry into force of the MiCA crypto regulation in the EU

26.06.2024 - 15:20

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Last updated on Aug 6, 2024

What’s new? Luxembourg-headquartered crypto exchange Bitstamp will delist the EURT stablecoin from issuer Tether due to the imminent entry into force of the Markets in Crypto-Assets (MiCA) regulation in the European Union. The platform will remove other stablecoins that do not comply with the new regulations by June 30.

Material by DL News

What else is known? EURT is the second most capitalized stablecoin with a peg to the euro. At the same time, compared to USDT from the same Tether, the volume of EURT in circulation is small — only 32,1 million coins as of June 26. According to the company’s data as of March 31, the asset is available on Ethereum and Omni networks.

MiCA will require issuers of fiat-backed stablecoins to apply stricter measures to the storage of collateral. Earlier this month, Tether CEO Paolo Ardoino said that MiCA “contains several problematic requirements” that could complicate issuers’ operations, as well as increase the risks of using licensed stablecoins.

Bitstamp noted in its press release that it will not delist, but will restrict the use of those non-euro-linked stablecoins in certain products that do not comply with the new law. The exchange will also not list or trade new non-compliant assets.

Crypto exchange Uphold will stop supporting USDT and DAI due to new regulatory rules in the EU

At the same time, the platform will continue to support assets from the Circle issuer

Crypto exchange Binance also said earlier that it would restrict the use of unauthorized stablecoins for EU users in some of its services.

In turn, crypto exchange Coinbase did not take preventive measures and said it will continue to monitor the situation to assess which assets are MiCA compliant.

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