Bitstamp to Delist Euro Tether (EURT) Ahead of Europe’s MiCA

Описание: Hassan Shittu

Last updated:

June 26, 2024 at 23:53 GMT+3

| 2 min read

Bitstamp will delist Tether’s euro-pegged stablecoin, Euro Tether (EURT), to with the upcoming Markets in Crypto-Assets Regulation (MiCA) in the European Union, the exchange announced on June 26.

Bitstamp Claims “User Protection” As MiCA About to be in Act.

The exchange announced on that EURT will be delisted before the end of June. This action aligns with Bitstamp’s efforts to comply with MiCA.

Euro Tether (EURT), launched in 2021, is a stablecoin issued by Tether, the company behind the U.S. dollar-pegged stablecoin USD Tether (USDT), the largest stablecoin by market value.

EURT’s market capitalization is substantially smaller than USDT’s. At the time of writing, it was valued at around $33 million, down from a peak of approximately $236 million in February 2022.

In addition to EURT’s market cap decline, regulatory pressures are also factors behind Bitstamp’s decision to delist the stablecoin, the delisting is part of a broader trend among exchanges preparing for MiCA’s enforcement.

James Sullivan, Bitstamp’s managing director for the United Kingdom, stated that the exchange supports MiCA’s mission to make crypto regulation uniform across the European Union.

“We have consistently advocated for a proportionate response to regulation which protects consumers while allowing for the ongoing maturation of cryptocurrencies as an asset class,” Sullivan said.

He added that Bitstamp’s commitment to compliance and security places the exchange in a strong position to adapt to these regulatory changes. The exchange communicates directly with customers whose delisting affects asset mixes.

Bitstamp’s restriction on stablecoins will not affect those that are not euro-denominated. Bitstamp noted,

“Electronic Money Tokens, or EMTs, which are not euro-denominated and are already available on the exchange but not within MiCA regulation, will not be delisted,” Sullivan added.

These tokens will be limited to certain products for European customers, however. Bitstamp also clarified that it will not list any new EMTs that don’t meet MiCA requirements, nor will it engage in marketing them. Besides EURT, Bitstamp supports trading of USDT and Circle’s USDC stablecoin.

Unlike Bitstamp, some exchanges, like Uphold, have opted to delist USDT and six other stablecoins from...

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