Tether, the issuer of the world’s largest stablecoin, USDT, has announced it will discontinue its euro-pegged stablecoin, EURt, by the end of 2024. The decision, revealed on Nov. 21, is part of a broader strategy to focus on Tether’s most widely adopted products and streamline its operations. EURt, launched in 2020, aimed to provide a stable euro-denominated digital currency but has struggled to gain significant traction compared to USDT.
In a statement, Tether emphasized that the move would not affect holders of EURt, who will be able to redeem their tokens for fiat euros or convert them into other Tether stablecoins. The company assured users of a smooth transition process and reaffirmed its commitment to maintaining the highest standards of transparency and stability in its core offerings.
The discontinuation reflects shifting dynamics in the stablecoin market, where USD-pegged tokens dominate global usage. Analysts suggest the decision allows Tether to allocate more resources to its flagship USDT stablecoin, which continues to expand its presence across multiple blockchain networks and regions. This strategic pivot also aligns with Tether’s efforts to strengthen its market leadership amid rising competition from new stablecoin projects.
While Tether remains the dominant player in the stablecoin sector, the move highlights the challenges of sustaining demand for non-USD stablecoins. As the industry evolves, Tether’s focus on core markets and products is seen as a pragmatic step to ensure long-term growth and resilience in a competitive and regulatory-intense environment.
