Tether Discontinues EURT Support
Tether has officially announced the discontinuation of support for its Euro-pegged stablecoin, EURT. This decision halts any new issuance of EURT and encourages users to redeem their holdings within a year, with an effective end date of November 27, 2025. The company has made it clear that users should take action to ensure their investments are managed appropriately before this deadline.
Reason Behind the Shift
The announcement from Tether outlined the influence of evolving regulatory frameworks in Europe as the primary reason for the cessation of EURT support. In light of these changes, Tether is choosing to pivot its strategy towards developing new products that comply with European regulations, particularly focusing on MiCAR-compliant stablecoins.
Introduction of MiCAR-Compliant Stablecoins
Tether’s new strategy involves the introduction of EURQ and USDQ, stablecoins that comply with the European regulatory framework. The company confirmed that minting for EURT has been inactive since 2022, with no new requests for issuance being processed. Tether has partnered with Quantoz Payments to develop these compliant stablecoins, utilizing their innovative Hadron technology.
Hadron Technology Explained
The Hadron technology, as described by Tether, serves as a robust tool for creating and managing a variety of tokenized assets, encompassing stablecoins and loyalty points. This platform is engineered with integrated compliance features, simplifying the interaction of issuers with blockchain technologies and ensuring adherence to the necessary regulatory standards.
Focus on Innovation and Compliance
Tether’s decision reflects its ongoing commitment to innovation and responsiveness to the regulatory landscape. By prioritizing the development of MiCAR-compliant products, Tether aims to ensure its offerings not only meet existing compliance frameworks but also anticipate future regulatory developments, thereby maintaining the trust and support of its community.
Ethereum Surpasses Tron for USDT Dominance
In a notable development within the crypto ecosystem, Ethereum has reclaimed its position as the leading blockchain for Tether’s USDT stablecoin, surpassing Tron with a supply now reaching an impressive $60.3 billion. This resurgence marks Ethereum’s first return to dominance since August 2022, after experiencing a significant 9.3% increase in USDT issued on its network over a recent week, according to analytics from DefiLlama.
Comparison of USDT Supplies
As Tether’s USDT supply grows, Tron now occupies the second spot with $58.1 billion following a minor 1.5% decrease in its supply. The recent minting activity on November 23 further exemplified this shift, with Tether issuing $2 billion USDT on Ethereum compared to $1 billion on Tron, which significantly widened the supply gap between the two networks.
Total USDT Supply Across Blockchains
Overall, the total supply of USDT across all blockchains has reached an unprecedented $132.9 billion. Besides Ethereum and Tron, other notable networks include BNB Chain with $4.58 billion, Arbitrum with $3.09 billion, and Avalanche holding $1.31 billion in USDT. This diversification across multiple platforms reflects the growing adoption and utility of Tether’s stablecoin in various blockchain ecosystems.