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Crypto exchange Bitstamp will be delisting Tether’s euro-denominated stablecoin, EURT, ahead of June 30, when the European Union’s Markets in Crypto-Assets Regulation (MiCA) comes into force.

The trading platform, which first listed the EURT stablecoin in November 2021, announced on June 26 that it would delist the coin “in advance” to comply with the EU’s new crypto policy.

James Sullivan, the United Kingdom managing director at Bitstamp, said the exchange supports the implementation of MiCA to make crypto regulation uniform across the EU.

“We have consistently advocated for proportionate response to regulation which protects consumers while allowing for the ongoing maturation of cryptocurrencies as an asset class,” he said.

Sullivan affirmed the company’s commitment to adapt to the new regulatory environment, emphasizing their proactive communication with affected customers.

EURT was launched by Tether, the issuer behind the dollar-pegged stablecoin USDT, in 2021. Compared to its dollar counterpart’s market value of more than $112 billion, EURT’s market capitalization is significantly smaller ($37.8 million). Its market value peaked at roughly $236 million in February 2022 but has significantly declined throughout 2022 and 2023.

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Electronic money tokens (EMTs), on the other hand, will not be affected by Bitstamp’s stablecoin restrictions, according to the company.

“Electronic Money Tokens (EMTs) which are not Euro-denominated and are already available on the exchange but not within MiCA regulation, will not be delisted, although their availability to European customers will be limited on certain products,” the announcement reads.

However, the platform will not list or market any new EMTs that don’t meet MiCA requirements.

Some other players who want to be regulated under the EU crypto regime have also taken similar actions. Earlier this month, Uphold, a New York-headquartered exchange, announced dropping USDT, DAI, FRAX, GUSD, USDP, and TUSD.

MiCA was passed into law in May 2023 and went into partial effect in June 2023.

The new EU crypto law imposes stricter rules on popular stablecoins, shifting oversight to the European Banking Authority. These rules require stablecoins to be fully backed by traditional assets and held securely, banning riskier “algorithmic” stablecoins. The goal is to boost consumer confidence by making these digital currencies more reliable for payments and savings.

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