Tether announced that it would discontinue support for the Euro-pegged stablecoin EURT and will not be minting any more tokens. The blockchain-enabled platform disclosed that the decision was reached due to changes in the stablecoin regulatory framework in the European market.
Tether claimed that the decision was driven by its dedication to fostering an innovative and robust blockchain ecosystem for all the Tether-issued tokens. To fulfill this commitment, Tether continuously assessed its EURT stablecoin offering to ensure a balance between usage and maintainability that prioritized community interest.
Tether discontinues the EURT stablecoin and turns its attention to Hadron
Tether Updates Users on a Strategic Transition to Better Support Community-Driven Product Support
Learn more: https://t.co/YEAhg4SPsv— Tether (@Tether_to) November 27, 2024
Paolo Ardoino, Tether’s CEO, said that the decision to shelf the EURT stablecoin was neither simple nor easy but necessary. He pointed out that stablecoin would be delisted until Europe established a better regulatory framework that protected users from potential banking systemic risks.
Conversely, Tether stated that community interest was at the core of its decision-making process for Tether token deployments.
Ardoino emphasized that Hadron by Tether would be the priority in the Eurozone. He pointed out that Hadron encompassed all the technology and know-how that Tether had built in the last ten years on a single platform.
The CEO added that Hadron by Tether aimed to make asset tokenization more accessible than ever. He further mentioned that Hadron would help open new avenues for issuance, investment, and core capital markets technology for a wider audience ranging from fund managers to governments and private companies.
“Tether’s decision to delist EURt has not been taken lightly, but until a more risk-averse regulatory framework in Europe is in place—one that fosters innovation, offers the stability and protection our users deserve and avoids potential banking systemic risks—we have chosen to prioritize other initiatives.”
– Paolo Ardoino
Tether asked customers holding EURT on all blockchains to redeem their holdings within the year ending November 27th, 2025.
Tether leverages Hadron to expand tokenization
According to Tether, Hadron was designed to support issuers in creating and managing stablecoins by streamlining the issuance process, compliance, and AML tools. They claimed that Hadron would accelerate the tokenization of stocks and bonds.
The Paolo Ardoino-led firm also pointed out the importance of Hadron in the development of loyalty points systems.
According to Tether, blockchain was redefining what was possible in finance by creating tools like Hadron that offered user-centric and adaptable solutions. The statement stressed that Tether’s vision was to empower global communities by equipping them with tools to navigate and thrive in today’s fast-evolving digital economy.
Tether’s investment in Quantoz Payments also leveraged Hadron to launch its Euro-backed and U.S. dollar-backed EURQ and USDQ stablecoins, respectively. The E-Money tokens (EMTs) were designed to be MiCAR-compliant, and they represented a significant milestone in advancing digital asset solutions in European markets, as per Tether’s statement on November 18th.
Tether strategically positioned itself as the leading technology for real-world assets (RWAs), aiming to become the backbone of asset tokenization. As of this publication, Tether has forged a stablecoin ecosystem that was approaching $200B in market capitalization.
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Source: https://www.cryptopolitan.com/tether-ends-support-for-euro-pegged-eurt/