Tether to Discontinue EUR₮ Redemption Service Today

BlockBeats News, November 27, Tether has released the latest update on the gradual cessation of EUR₮ trading, and today will terminate EUR₮ redemption services on all supported blockchain networks.

On November 27, 2024, Tether announced its decision to cease support for the Euro-backed stablecoin EUR₮, halt the minting of EUR₮, and no longer accept new EUR₮ issuance requests. Tether stated that this decision aligns with its broader strategic direction, considering the evolving regulatory framework surrounding stablecoins in the European market. Tether will focus on supporting new projects, such as the launch of compliant stablecoins EURQ and USDQ.