30s Summary

Tether has discontinued its euro-based stablecoin, EUR₮, due to changing European regulations on stablecoins. Users have until November 2025 to redeem or convert their tokens. Despite the withdrawal of EUR₮, Tether will remain in the European market, planning to support new projects complying with the new regulations, like Quantoz Payments’ EURQ and USDQ stablecoins. Although critical of the new European regulations, Tether’s CEO, Paolo Ardoino, plans to support these compliant stablecoins through a Tether technology solution, Hadron.

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Tether, the company behind the largest stablecoin in the world (USD₮), has stopped supporting its Europe-centric stablecoin, EUR₮. They’ve asked users to redeem or convert their EUR₮ tokens within one year. In an announcement posted on November 27, Tether confirmed that they’re not making any more of this token and won’t accept requests to do so either.

Tether launched the EUR₮ stablecoin in 2016 as a crypto asset that maintained the same value as the euro. This made it a reliable option in a crypto market notorious for its volatility. Despite being backed by the euro, EUR₮’s market value comes up to only 0.02% of USD₮, which is backed by the US dollar.

Tether says the reason they’ve stopped supporting EUR₮ is due to changing regulations around stablecoins in Europe. Anyone who holds EUR₮ should redeem their tokens by November 25, 2025, as per the info from Tether.

Despite dropping their euro-backed token, Tether isn’t leaving the European market altogether. They’re planning to support new projects that comply with new stablecoin regulations in Europe, like the Finnish company Quantoz Payments’ EURQ and USDQ stablecoins.

Tether’s CEO, Paolo Ardoino, has publicly criticised these new European stablecoin rules, arguing that they could cause serious problems for the banking sector. However, Tether is planning to give the green light to Quantoz’s stablecoins in conjunction with Kraken exchange and Fabric Ventures.

This list of supported stablecoins will make use of a technology solution from Tether called Hadron, which simplifies the creation and management of stablecoins. Through backing these projects, Tether hopes to redefine what’s possible in finance and help create a more inclusive and stable financial system.