Bitstamp discontinues euro stablecoin from Tether in response to newly implemented MiCA regulations

Bitstamp, a cryptocurrency exchange, is taking steps to comply with Europe’s Markets in Crypto-Assets Regulation (MiCA) by removing Tether’s euro-pegged stablecoin, EURT.
Bitstamp initially listed EURT in November 2021 but will now take it down before the end of June, as announced on June 26.
The move is in line with the upcoming MiCA enforcement, set to take effect on June 30.
EURT’s Decline
EURT was introduced in 2021 and is issued by Tether, the company behind the U.S. dollar-pegged stablecoin USDT, which holds the largest market value at over $110 billion.
EURT’s market capitalization is much smaller, currently at around $33 million, according to CoinGecko. The stablecoin’s market cap has significantly decreased from its peak at around $236 million in February 2022.
Bitstamp’s Stance on Crypto Regulation
James Sullivan, Bitstamp’s managing director for the United Kingdom, expressed the exchange’s support for MiCA’s goal of standardizing crypto regulation across the European Union.
“We have consistently advocated for proportionate response to regulation which protects consumers while allowing for the ongoing maturation of cryptocurrencies as an asset class,” Sullivan explained.
Non-Euro Stablecoins Unaffected
Bitstamp’s delisting only applies to euro-denominated stablecoins. However, stablecoins not tied to the euro will not be affected by this change.
The exchange clarified that non-euro-denominated Electronic Money Tokens (EMTs) available on the platform, but not covered by MiCA regulation, will remain listed. Nevertheless, their availability will be limited to “certain products” for European customers.
Additional Information
In addition to EURT, Bitstamp also supports trading of USDT and Circle’s USD Coin (USDC) stablecoin, according to CoinGecko data.
In contrast to Bitstamp, Uphold chose to delist USDT and six other stablecoins from its platform to adhere to the MiCA rules, as announced on June 18.
Tether CEO Paolo Ardoino reportedly criticized the European regulation in May 2024, stating that the company did not intend to be regulated under MiCA.