Tether has recently announced that it will no longer be supporting its Euro-pegged stablecoin EURT and will cease the production of new tokens. According to the company, this decision was made in response to changes in regulations for stablecoins in the European market.
The company asserted that the move was a reflection of its commitment to cultivating a dynamic and thriving blockchain ecosystem for all of its Tether-issued tokens. In order to fulfill this promise, Tether diligently evaluated the usage and maintainability of its EURT offering, with a focus on the best interests of the community.
Tether’s CEO, Paolo Ardoino, stated that although the decision to discontinue EURT was not an easy one, it was necessary. He explained that the stablecoin would no longer be available until a more comprehensive regulatory framework was established in Europe to safeguard users from potential financial risks.
On the other hand, Tether clarified that the interests of the community were a driving factor in their decision-making process for Tether token deployments. Ardoino further emphasized that their priority in the Eurozone would be their new platform, Hadron, which encompasses all of Tether’s technology and expertise accumulated over the past decade.
