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Tether abandons support for Euro-Pegged Stablecoin EURT

The End of an Era: Tether Discontinues Support for Euro-Pegged Stablecoin EUR₮

In a surprise move, Tether, the world’s largest stablecoin issuer, has asked holders of its euro-pegged stablecoin, EUR₮, to redeem their tokens within the next year. The company’s decision to discontinue support for EUR₮ marks the end of an era for this once-promising stablecoin, which was designed to provide a stable store of value pegged to the European Union’s official currency.

A Brief History of EUR₮

Launched in 2017, EUR₮ was one of the first stablecoins to be pegged to a regional currency, distinct from the traditional dollar-pegged tokens that dominated the market. The idea behind EUR₮ was to provide a means for institutions and individuals to hold, trade, and settle transactions in euros, without the need for traditional fiat currencies or currency conversion services. At its peak, EUR₮ had a market capitalization of over $1 billion, making it one of the most widely traded stablecoins in the world.

The Decision to Discontinue Support

So, why did Tether decide to discontinue support for EUR₮? According to a statement released by the company, the decision was made due to a combination of factors, including the lack of market demand and the increasing competition from other stablecoins.

“In recent months, we have seen a significant decrease in the usage and demand for EUR₮,” said a Tether spokesperson. “As a result, we have made the difficult decision to discontinue support for this stablecoin and focus on our more popular and widely adopted stablecoins, such as USDT and EURT.”

The Implications of This Decision

The discontinuation of EUR₮ support may have significant implications for the stablecoin market as a whole. On the one hand, it may be seen as a vote of confidence in the stability and reliability of Tether’s other stablecoins, such as USDT and EURT. On the other hand, it may raise concerns about the long-term viability of other stablecoins, which may also be vulnerable to similar market fluctuations.

Furthermore, the discontinuation of EUR₮ support may also have implications for institutions and individuals who have invested in this stablecoin. For those who have holding EUR₮ tokens, they will need to redeem them for a refund or transfer them to another wallet before the November 25, 2025 deadline.

What’s Next for Tether and the Stablecoin Market?

So, what does the future hold for Tether and the stablecoin market? In an interview, Tether’s CEO, Stuart Hoegner, highlighted the company’s commitment to continuing to innovate and improve its products and services.

“At Tether, we are committed to providing our users with the most reliable, secure, and stable means of storing and transferring value,” said Hoegner. “We will continue to monitor market trends and demand, and make adjustments to our products and services accordingly. We are excited about the future of stablecoins and are committed to playing a leading role in shaping its development.”

Tether Abandons Support for Euro-Pegged Stablecoin EURT