Tether to Scrap Euro-Pegged Stablecoin Ahead of EU Rules

Nov. 27, 2024, 3:08 PM UTC

Tether Holdings Ltd. will halt issuance and operational support for its euro-pegged stablecoin, a month before new crypto rules are set to be fully implemented in the European Union.

The creation of new EURT tokens, a cryptocurrency tied to the value of the euro with roughly €25.6 million ($27 million) in circulation, has already been shuttered, Tether said in a statement on Wednesday. Anyone holding EURT should redeem their tokens within a year, the company added.

Stablecoins play a crucial role as gateways to cryptocurrency markets because they’re an intermediary step for using fiat money to buy tokens like Bitcoin, ...

Learn more about Bloomberg Law or Log In to keep reading:

Learn About Bloomberg Law

AI-powered legal analytics, workflow tools and premium legal & business news.

Already a subscriber?

Log in to keep reading or access research tools.