At Tether, they have claimed to be dedicated to fostering a “robust” and innovative blockchain ecosystem for all Tether tokens that they issue.
To fulfill this commitment, Tether has stated it is continuously assessing its stablecoin offerings, ensuring a balance between “maintainability” and usage while prioritizing “community interest.”
According to a blog post by the company, they have decided to halt its Euro stablecoin. To quote the post:
“After careful consideration, we have made the decision to discontinue support for EUR₮. As such, Tether has ceased minting EUR₮, with the last acquisition request processed in 2022, and new EUR₮ issuance requests are no longer accepted.”
Tether noted that when evaluating whether to release a product, they carefully assess the “economic and market conditions” that could affect the token’s performance.
They also mentioned that whether backed by fiat currency or another store of value, their priority is ensuring user “safety, usability, and sustainability.”
Their objective is to allocate resources where they can best “enhance security and efficiency while fostering ongoing innovation across the crypto landscape.”
The company said that it will now focus supporting on new ventures like Quantoz Payments’ MiCAR-compliant stablecoins, EURQ, and USDQ which will be powered by Tether’s technology solution, Hadron by Tether.
Hadron by Tether is the firm’s new tokenization platform that incorporates compliance and AML tools.
Tether is currently the largest stablecoin issuer in the world as its dollar based stablecoin leads all other market participants. While Tether is shifting gears for its EU strategy, this may open up opportunities for competitor Circle which currently offers a compliant Euro stablecoin.
