Wang Long Chai
November 27, 2024 13:47
Tether announced its strategic decision to discontinue support for EUR₮, focusing on launching MiCAR-compatible stablecoins and strengthening community-driven support.
Tether, the popular stablecoin USDT issuer, announced a strategic shift to strengthen community-driven product support. According to Tether, this move highlights Tether’s ongoing commitment to fostering a strong blockchain ecosystem as it continues to evaluate its stablecoin products to balance availability and community benefit.
EUR₮ discontinued
In a significant change, Tether has decided to discontinue support for the euro-based stablecoin EUR₮. This decision was taken after careful assessment of economic and market conditions as well as changes to the European regulatory framework. Tether stopped issuing EUR₮ with the last acquisition request processed in 2022, and new issuance requests are no longer accepted.
This strategic move is consistent with Tether’s broader goal to navigate the complex regulatory environment surrounding stablecoins and prioritize initiatives that provide greater stability and protection to users. The company emphasized that it would focus its resources elsewhere until a more favorable regulatory framework is in place.
Focus on new ventures
As part of its strategic shift, Tether is focusing its efforts on new ventures, such as partnering with Quantoz Payments to launch a MiCAR-compatible stablecoin. The new stablecoins EURQ and USDQ will leverage Tether’s advanced technological solution, “Hadron by Tether”. The platform is designed to streamline the issuance and management of stablecoins and provide powerful tools for compliance and blockchain interaction.
Hadron by Tether aims to expand the possibilities within the digital finance ecosystem by simplifying and accelerating the tokenization process for a wide range of assets, including stocks, bonds, and loyalty points.
future prospects
Through these strategic initiatives, Tether is not only introducing new financial tools but also redefining the boundaries of financial technology. The company’s vision includes empowering communities globally by providing them with the tools they need to succeed in the evolving digital economy. Tether’s innovations are intended to open new pathways to economic empowerment and expand financial access.
Current EUR₮ holders are encouraged to redeem their holdings within one year, with a deadline set for November 27, 2025. Tether guarantees ongoing support to its customers and asks them to seek help when needed.
Tether’s strategic shift reflects its commitment to building a sustainable and democratized financial system, paving the way for future innovation in the stablecoin market.
Image source: Shutterstock