Crypto exchange Bitstamp will delist stablecoin EURT from Tether

Crypto exchange Bitstamp, headquartered in Luxembourg, will delist the stablecoin EURT from the issuer Tether due to the imminent entry into force of the Markets in Crypto Assets Act (MiCA) in the European Union. The platform will remove other stablecoins that do not comply with the new regulations by June 30

EURT is the second-largest stablecoin pegged to the euro by capitalization. At the same time, in comparison with USDT from the same Tether, the volume of EURT in circulation is small - only 32.1 million coins as of June 26. According to company data as of March 31, the asset is available on the Ethereum and Omni networks.

MiCA will require fiat-pegged stablecoin issuers to implement stricter collateral holding practices. Earlier this month, Tether CEO Paolo Ardoino said that MiCA “contains several problematic requirements” that could complicate the work of issuers and also increase the risks of using licensed stablecoins.

Bitstamp noted in its press release that it will not delist, but will limit the use in some products of those stablecoins that are not pegged to the euro, but do not comply with the new law. Also, the exchange will not list or trade new assets that do not meet the requirements.

Crypto exchange Binance also previously said it would restrict the use of unauthorized stablecoins for EU users in some of its services.

In turn, crypto exchange Coinbase (NASDAQ:COIN) did not take preventive measures and said that it will continue to monitor the situation to assess which assets comply with MiCA.