Tether, the issuer of the world’s largest stablecoin, doesn’t like Europe’s MiCA regulations. Other stablecoin issuers are also not keen on the requirement to put a substantial proportion of reserves into bank accounts, as required by MiCAR. But they nonetheless comply. Tether isn’t willing to do so, and today it confirmed it is shutting down EURT, its Euro stablecoin. Users have a year to redeem the coin.
EURT has a market capitalization of €26 million compared to Tether’s USD stablecoin at $132 billion. To date Tether has operated offshore so it’s likely just not worth the work involved to become MiCAR compliant.
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