Bitstamp Drops Euro Tether Amid New MiCA Rules

Exchange of cryptocurrencies Bitstamp has delisted Tether’s euro-pegged stablecoin, the Euro Tether (EURT), in anticipation of the full implementation of Europe’s Markets in Crypto-Assets Regulation (MiCA)

According to a formal statement on June 26, Bitstamp, one of the first exchanges to list Tether’s euro-denominated stablecoin, the Euro Tether, in November 2021, will delist EURT before the end of June.

According to Bitstamp, the delisting is a part of their attempts to comply with the MiCA, which went into effect on June 30.

Euro Tether is falling

The U.S. dollar-pegged stablecoin USD Tether USDT $1.00, the largest stablecoin by market value at more than $110 billion, is operated by Tether, the same firm that launched the Euro Tether in 2021.

According to CoinGecko, EURT’s market capitalization is far lower than USDA’s, coming in at only under $33 million at the time of writing. The stablecoin’s market capitalization has significantly decreased between 2022 and 2023, peaking in February 2022 at about $236 million.

Bitstamp advocates for establishing a unified regulatory framework for cryptocurrency in Europe.
The exchange endorses MiCA’s objective to establish consistent crypto regulation throughout the European Union, as stated by James Sullivan, Bitstamp’s managing director for the United Kingdom.

“We have consistently argued for a proportionate response to regulation that safeguards consumers and facilitates the ongoing development of cryptocurrencies as an asset class,” Sullivan stated.

“We are well-positioned to adjust to these positive developments due to our dedication to security and compliance.” We directly communicate with the small percentage of our customers whose asset compositions are impacted.

Non-euro-denominated coins remain unaffected.
Stablecoins not denominated in euros will not be impacted by the most recent stablecoin restriction implemented by Bitget.

“Electronic Money Tokens, or EMTs, that are not euro-denominated and are currently available on the exchange but are not within MiCA regulation will not be delisted,” Bitstamp stated. Nevertheless, these tokens will be restricted to “specific products” for European consumers.

“Bitstamp will not list any new EMTs that do not meet MiCA requirements, nor will it engage in any marketing of them,” the exchange stated. Bitsamp facilitates trading USDT and Circle’s USDC in addition to EURT.
USDC $1.00 stablecoin, as indicated by CoinGecko data.

In contrast to Bitstamp, certain exchanges, such as Uphold, have chosen to delist USDT and six other stablecoins from their platforms by MiCA regulations, as announced on June 18.

In May 2024, Tether CEO Paolo Ardoino reportedly expressed dissatisfaction with the European regulation, asserting that the company did not intend to be subject to MiCA.