Bitstamp drops Euro Tether amid new MiCA regulations
Cryptocurrency exchange Bitstamp is preparing to fully enforce European markets by canceling Tether's euro-peg stablecoin, Euro Tether (EURT), in the Crypto-Assets Regulation (MiCA).
Bitstamp, one of the first exchanges to list Tether's euro-denominated stablecoin, EuroTether, will delist EURT in November 2021, before the end of June, according to a June 26 announcement.
The cancellation comes as part of Bitstamp's efforts to comply with MiCA, which takes effect on June 30, the company said.
Euro Tether is falling.
In the year Launched in 2021, EuroTether is a stablecoin created by Tether, the company that operates the US dollar-pegged stablecoin USD Tether (USDT), the largest with a market cap of more than $110 billion.
EURT's market capitalization is significantly lower than USDT's, which is worth about $33 million at the time of writing, according to CoinGecko. After peaking at around $236 million in February 2022, the stablecoin has seen significant declines in the market since 2022 and 2023.
Bitstamp supports uniform crypto regulation in Europe
Bitstamp's UK managing director James Sullivan said the exchange's MCA supports its mission to harmonize crypto regulation across the EU.
“We have consistently advocated for a balanced response that protects customers and allows for the continued maturation of cryptocurrencies as an asset class,” Sullivan added.
“Our commitment to compliance and security means we are in a strong position to adapt to these welcome changes. We are dealing directly with our clients whose asset mix has been affected.
Non-euro coins are not affected
Biget's recent Stalkcoin restriction will not affect stablecoins that are not denominated in Euros.
“Electronic money tokens, or EMTs, that are not denominated in euros and are already on the exchange but not in MiCA regulation, will not be canceled,” Bitstamp explained. However, the availability of these symbols will be limited to “certain products” for European customers.
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“Bitstamp will not list any new EMTs that do not meet MiCA requirements or participate in their trading,” the exchange said. Other than URT, Bitsamp supports USDT and Circle's USDC (USDC) stablecoin trading, according to CoinGecko.
Some exchanges, such as Bitstamp, have opted to delist USDT and six other stablecoins from their platforms under the MiCA rule, as announced on June 18.
Tether CEO Paolo Arduino criticized European regulation in May 2024, saying the company did not intend to be regulated under the MCA.
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