Tether Ends EURT Support to Focus on MiCAR-Compliant Stablecoins

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

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November 27, 2024

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Tether has announced the discontinuation of EURT support, halting new issuance and advising users to redeem holdings within a year, ending November 2025.

In an announcement published by Tether, the company cited evolving regulatory frameworks in Europe as a reason for ending EURT support and shifting its efforts toward new products like MiCAR-compliant stablecoins.

Tether Shifts to MiCAR-Compliant EURQ and USDQ

Tether confirmed that EURT minting has been inactive since 2022, with no new issuance requests accepted. The company emphasized that users should redeem their holdings by Nov. 27, 2025.

This decision comes as Tether redirects its focus toward supporting MiCAR-compliant stablecoins, EURQ and USDQ, in collaboration with Quantoz Payments. These stablecoins will utilize Tether’s Hadron technology to streamline issuance and compliance processes.

The company described Hadron as a tool designed to assist in creating and managing a wide array of tokenized assets, including stablecoins and loyalty points. The platform includes compliance features and aims to simplify blockchain interactions for issuers.

The announcement stated that this move aligns with its goal to prioritize innovation and adaptability in response to changing regulations. The company intends to ensure that its offerings meet current compliance standards.

Ethereum Becomes Top Blockchain for USDT

Ethereum has surpassed Tron to become the leading blockchain for USDT, with a supply reaching $60.3 billion.

This marked Ethereum’s return to dominance for the first time since August 2022, following a 9.3% weekly increase in USDT on the platform, according to data from DefiLlama.

Tron, now in second place, holds $58.1 billion in USDT after experiencing a 1.5% supply decline. Ethereum’s resurgence was further solidified on November 23 when Tether minted $2 billion USDT on Ethereum compared to $1 billion on Tron, widening the supply gap.

The total supply of USDT across all blockchains has reached an all-time high of $132.9 billion. Other networks hosting significant USDT supplies include BNB Chain ($4.58 billion), Arbitrum ($3.09 billion), and Avalanche ($1.31 billion).