Bitstamp, a cryptocurrency exchange, is gearing up for the full implementation of Europe’s Markets in Crypto-Assets Regulation (MiCA) by discontinuing support for Tether’s euro-pegged stablecoin, EURT. Initially introduced in November 2021, EURT will be removed from Bitstamp’s platform by the end of June, as confirmed in an official announcement on June 26. This decision aligns with Bitstamp’s commitment to comply with MiCA, which is set to take effect on June 30.
EURT, issued by Tether alongside its prominent US dollar-pegged stablecoin USDT, holds a substantially smaller market capitalization of approximately $33 million, in stark contrast to USDT’s market dominance valued at over $110 billion, according to CoinGecko. The stablecoin has experienced a notable decline since its peak of around $236 million in February 2022.
James Sullivan, Bitstamp’s Managing Director for the United Kingdom, emphasized the exchange’s endorsement of MiCA’s objective to standardize cryptocurrency regulations across the European Union. “We have consistently advocated for a regulatory approach that safeguards consumers while fostering the growth of cryptocurrencies as an asset class,” Sullivan stated. He further clarified that Bitstamp’s delisting action will exclusively impact EURT, leaving non-euro-denominated stablecoins unaffected.
Bitstamp will continue to support trading in USDT and Circle’s USD Coin (USDC), according to CoinGecko. The exchange clarified that Electronic Money Tokens (EMTs) not denominated in euros and currently available on their platform outside MiCA’s scope will remain listed, albeit with restrictions limited to specific products for European clients.
In a separate move, Uphold opted to comply with MiCA guidelines by delisting USDT and six other stablecoins from its offerings, a decision announced on June 18. Meanwhile, Tether’s CEO Paolo Ardoino reportedly expressed discontent with European regulations in May 2024, stating the company’s reluctance to operate under MiCA’s jurisdiction.
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