AstheEuropeanUnion'sMarketsinCrypto-Assets(MiCA)regulationcomesintofulleffect,thecryptocurrencyexchangeBitstampthatissettobeacquiredbyRobinhood,hasannounceditwilldelistTether'seuro-peggedstablecoin,EuroTether(EURT).
CryptocurrencyexchangeBitstamp,settobeacquiredbyRobinhood,willdelistTether’seuro-peggedstablecoin(EURT)aheadoftheEuropeanUnion’sMarketsinCrypto-Assets(MiCA)regulationcomingintofulleffect.AnnouncedinablogpostonFriday,BitstampsaidthatEURTwillbedelistedbytheendofJune.TheexchangesaiditwillbecommunicatingdirectlywithcustomerswhoholdEURTintheirBitstampwalletsorhaveopenordersforthestablecoin.BitstampwasoneofthefirstexchangestolistEURTwhenitwaslaunchedbyTetherin2021.However,thestablecoin’smarketcapitalizationhassincedeclinedsignificantly,droppingfromapeakof$236millioninFebruary2022toaround$33millionatthetimeofwriting,accordingtoCoinGecko.Thisdecline,coupledwiththeupcomingMiCAregulation,islikelythemainreasonbehindBitstamp’sdecisiontodelistthestablecoin.MiCA,settogoliveonJune30,2024,aimstocreateaunifiedregulatoryframeworkforcryptoassetsacrosstheEuropeanUnion.Thiswide-rangingregulationwillrequirefiat-backedstablecoinissuerstoimplementrobustsafeguardingmeasuresandensurefullbackingbyliquidreserves.Byadheringtothesestandards,theEUhopestoprotectconsumersandpromotethematurationofcryptocurrenciesasanassetclass.SeveralexchangesarepreparingforMiCA’senforcementbytakingpreemptiveactions.Forinstance,BinancehasannouncedrestrictionsonunauthorizedstablecoinsforEUusers,andUpholdhastakenamoredrasticstepbydelistingsevenstablecoins,includingUSDT.Notably,Bitstamphasclarifiedthatnon-euro-denominatedstablecoinswillnotbedelisted,althoughtheiravailabilitywillbelimitedtocertainproductsforEuropeancustomers.ThisdecisionhighlightsthenuancedapproachexchangesaretakinginresponsetoMiCA,balancingregulatorycompliancewithmarketdemands.
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