Bitstamp drops Euro Tether due to new MiCA rules.

Cryptocurrency exchange Bitstamp is preparing for the full implementation of Europe’s Market for Crypto Assets Regulation (MiCA) by delisting Euro Tether (EURT), Tether’s euro-pegged stablecoin.

According to an official announcement on June 26, Bitstamp, one of the first exchanges to list Euro Tether, Tether’s euro-denominated stablecoin, in November 2021, will list EURT before the end of June. It is scheduled to be abolished.

The company said that this delisting is in response to Bitstamp’s efforts to comply with MiCA, which takes effect on June 30.

Euro Tether downtrend

Euro Tether, launched in 2021, is a stablecoin issued by Tether, the company that operates USD Tether (USDT), a stablecoin pegged to the U.S. dollar, among stablecoins with a market value of more than $110 billion. It is the largest.

According to CoinGecko, EURT’s market capitalization is much smaller than USDT’s, at only about $33 million at the time of this writing. The stablecoin peaked at approximately $236 million in February 2022, before experiencing a significant decline in market capitalization after 2022 and 2023.

Bitstamp advocates uniform cryptocurrency regulation in Europe.

According to James Sullivan, Bitstamp’s UK managing director, the exchange supports MiCA’s mission to unify cryptocurrency regulation across the European Union.

“We have continued to advocate for a proportionate regulatory response that protects consumers while allowing 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 engaging directly with a small number of customers whose asset mix is ​​affected.”

Non-euro coins are not affected.

Bitget’s recent stablecoin restrictions do not affect non-euro-denominated stablecoins.

“Electronic money tokens (EMTs) that are not euro-denominated and already available on exchanges but do not fall under MiCA regulations will not be delisted,” Bitstamp said. However, the availability of these tokens is limited to “certain products” for European customers.

Related: Binance prepares MiCA rules and updates stablecoin strategy.

“Bitstamp will not list and will not engage in marketing for new EMTs that do not meet MiCA requirements,” the exchange said. In addition to EURT, Bitsamp supports trading USDT and Circle’s USDC (USDC) stablecoins, according to CoinGecko data.

Unlike Bitstamp, some exchanges, such as Uphold, have decided to delist USDT and six other stablecoins from their platforms in compliance with MiCA rules, as announced on June 18.

Tether CEO Paolo Ardoino reportedly criticized European regulations, saying the company had no intention of being regulated by MiCA in May 2024.

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