Watch Out: An Altcoin is Being Discontinued – Issuer Company Announces Final Breakdown
The post Watch Out: An Altcoin is Being Discontinued – Issuer Company Announces Final Breakdown appeared on BitcoinEthereumNews.com.
Tether has announced that it will phase out its euro-backed stablecoin, EUR₮, with a final buyback date set for November 27, 2025. The decision marks a change in strategy for the company, which is moving towards supporting new euro (EURQ) and US dollar (USDQ) stablecoins issued by Quantoz Payments that comply with the EU’s Crypto Assets Regulation (MiCAR) standards. Tether said in a statement that it is committed to fostering innovation while prioritizing community needs and regulatory compliance. The company explained that the decision to discontinue EUR₮ came after evaluating economic and market conditions that could impact the stablecoin’s utility and sustainability. “The interest of society is at the core of our decision-making process. Our goal is to allocate resources where they can best enhance safety and efficiency while encouraging continuous innovation,” they explained. EUR₮ minting officially ended in 2022, with the final issuance request being processed that year. While no new tokens will be minted, existing holders have until late 2025 to redeem their EUR₮ tokens. As part of the transition, Tether is partnering with Quantoz Payments to support the issuance of EURQ and USDQ stablecoins. Built using Tether’s advanced “Hadron by Tether” technology, these new assets aim to meet the stringent requirements of MiCAR, the EU’s key crypto regulatory framework. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/watch-out-an-altcoin-is-being-discontinued-issuer-company-announces-final-breakdown/
Filed under: News - @ November 27, 2024 10:22 pm