Tether is planning to shut down its euro stablecoin, EURT. This decision comes as the company prepares to meet new regulations in the EU, known as MiCA.

On November 27, 2024, Tether announced that users can redeem their tokens until November 27, 2025. They intend to focus on new projects, like their recent investment in Quantoz and their tokenization platform, Hadron.

In a press release, Tether stated, "After careful consideration, we have made the decision to discontinue support for EUR₮." This move is crucial as digital asset businesses in the EU are racing against the clock to comply with MiCA regulations. These rules require stablecoin issuers to be compliant or risk leaving a market of about 450 million consumers.

Tether's CEO, Paolo Ardoino, has openly criticized these new regulations. The company has not yet secured the necessary Electronic Money Institution (EMI) license to operate in the EU. Meanwhile, competitor Circle, which issues the USDC stablecoin with a market cap of $36 billion, has confirmed that it meets the regulatory requirements.

EURT hasn't gained much traction in the euro stablecoin market. Its market cap is only $27 million, according to CoinGecko. This is significantly lower than Circle's EURC at $90 million and Stasis Euro's $130 million. In contrast, Tether's main stablecoin, USDT, boasts a market cap of $132 billion.

Tether is also investing in Quantoz, a stablecoin issuer based in the Netherlands. They recently launched Hadron, a platform designed to help smaller, compliant stablecoin companies issue their tokens. Tether stated, "At this time, we will be focusing our support on new ventures such as the launch of Quantoz Payments’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ." These will be powered by Tether’s advanced technology solution, Hadron.