Bitstamp, a cryptocurrency exchange, is making preparations to comply with Europe’s Markets in Crypto-Assets Regulation (MiCA) by removing Tether’s euro-pegged stablecoin, EURT. Bitstamp was one of the first exchanges to list EURT in November 2021 but will now delist it before the end of June. This decision aligns with Bitstamp’s commitment to adhering to MiCA, which will be enforced on June 30.
EURT, launched in 2021 by Tether, the company behind the US dollar-pegged stablecoin USDT, has a market capitalization significantly smaller than that of USDT. At the time of writing, EURT is valued at approximately $33 million, according to CoinGecko. The stablecoin’s market cap has experienced a substantial decline since 2022, after reaching its peak of around $236 million in February 2022.
Bitstamp’s managing director for the United Kingdom, James Sullivan, supports MiCA’s goal of establishing uniform crypto regulation across the European Union. Sullivan emphasizes the need for regulations that protect consumers while allowing for the growth and development of cryptocurrencies as an asset class.
The delisting of EURT by Bitstamp will not affect stablecoins that are not euro-denominated. Bitstamp clarifies that “Electronic Money Tokens” (EMTs) that are not tied to the euro and are already available on the exchange but not subject to MiCA regulations will remain listed. However, the availability of these tokens will be limited to certain products for European customers.
In addition to EURT, Bitstamp currently supports the trading of USDT and Circle’s USD Coin (USDC) stablecoin, according to CoinGecko data.
Unlike Bitstamp, Uphold, another cryptocurrency exchange, has chosen to delist USDT and six other stablecoins from its platform to comply with MiCA rules.
Tether’s CEO, Paolo Ardoino, expressed criticism of the European regulation in May 2024, stating that the company had no intention of being regulated under MiCA.