Cryptocurrency exchange Bitstamp is preparing for the full enforcement of Europe’s Markets in Crypto-Assets Regulation (MiCA) by delisting Tether’s euro-pegged stablecoin, Euro Tether (EURT).
Bitstamp, which first listed Euro Tether in November 2021, announced on June 26 that it will delist EURT by the end of June. This move is part of Bitstamp’s efforts to comply with MiCA, which comes into effect on June 30.
Decline of Euro Tether
Euro Tether, launched in 2021 by the same company behind the U.S. dollar-pegged USD Tether (USDT), has seen its market capitalization decline. While USDT remains the largest stablecoin with a market value exceeding $110 billion, EURT’s market cap is currently around $33 million, down from its peak of $236 million in February 2022.
Bitstamp Supports Uniform Crypto Regulation in Europe
James Sullivan, Bitstamp’s managing director for the United Kingdom, expressed support for MiCA’s goal of creating uniform crypto regulation across the European Union.
“We have consistently advocated for balanced regulation that protects consumers while allowing cryptocurrencies to mature as an asset class,” Sullivan stated. “Our commitment to compliance and security positions us well to adapt to these new regulations. We are in direct communication with the small proportion of our customers affected by this change.”
Non Euro-Denominated Coins Unaffected
Bitstamp’s delisting of EURT will not affect stablecoins that are not euro-denominated. According to the company, Electronic Money Tokens (EMTs) that are not tied to the euro and are already available on the exchange will remain unaffected by MiCA regulations, although their availability may be limited to certain products for European customers.
Summary Review: Bitstamp’s decision to delist Euro Tether (EURT) ahead of the new MiCA regulations reflects its proactive approach to compliance in the evolving crypto regulatory landscape of Europe. This move underscores Bitstamp’s commitment to aligning with MiCA’s guidelines, aimed at ensuring uniformity and consumer protection across the European Union’s crypto markets. While Euro Tether faced a decline in market capitalization compared to its USD counterpart, USD Tether (USDT), which remains the dominant stablecoin globally, Bitstamp remains supportive of regulatory frameworks that facilitate the maturation of cryptocurrencies as an asset class. Looking forward, Bitstamp continues to engage with affected customers to navigate these changes seamlessly, affirming its focus on compliance, security, and the sustainable growth of digital assets within regulated environments.
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