Tether 引用歐盟 MiCAR 法規，終止其歐洲穩定幣 EURT

面對歐盟加密資產市場監管 (MiCAR) 的新要求，Tether 將停止對其歐元穩定幣 EURT 的支持

Stablecoin issuer Tether has announced that it will no longer support EURT, its Euro-pegged stablecoin, due to specific provisions in the EU’s Markets in Crypto Assets Regulation (MiCAR).

穩定幣發行商 Tether 宣布，由於歐盟加密資產市場監管 (MiCAR) 的具體規定，將不再支持其與歐元掛鉤的穩定幣 EURT。

Customers holding EURT on all supported blockchains, including Ethereum, Solana, and Tron, are urged to redeem their assets by November 27, 2025. New EURT issuance requests will no longer be accepted.

我們敦促在所有支援的區塊鏈（包括以太坊、Solana 和 Tron）上持有 EURT 的客戶在 2025 年 11 月 27 日之前贖回其資產。

“This decision aligns with our broader strategic direction, considering the evolving regulatory frameworks surrounding stablecoins in the European market,” Tether said in a statement on August 22.

Tether 在 8 月 22 日的聲明中表示：“考慮到歐洲市場圍繞穩定幣不斷發展的監管框架，這一決定符合我們更廣泛的戰略方向。”

The relevant provisions of MiCAR came into force at the end of June. Among other things, stablecoin issuers are now required to be authorized by the central bank and to publish a white paper containing information on the relevant token for investors.

MiCAR相關規定已於6月底生效。除此之外，穩定幣發行人現在需要獲得央行授權，並向投資者發布包含相關代幣資訊的白皮書。

There are also new conduct and governance requirements around marketing, disclosure of information, and dealing with conflicts of interest, as well as prudential requirements to ensure sufficient liquidity and the ability to meet redemption requests.

圍繞行銷、資訊揭露和利益衝突處理也提出了新的行為和治理要求，以及確保足夠的流動性和滿足贖回請求的能力的審慎要求。

Specifically, the issuer took umbrage with the requirement that 30% of stablecoin reserves be held in bank accounts, with 60% for larger stablecoins.

具體來說，發行人對將 30% 的穩定幣儲備存放在銀行帳戶、其中 60% 用於較大型穩定幣的要求感到不滿。

Tether CEO Paolo Ardoino had earlier criticized the framework’s “very restrictive measures,” suggesting it poses systemic banking risks. Ardoino also voiced concerns that it was “very difficult” to secure relationships with one bank, let alone multiple banks.

Tether 執行長 Paolo Ardoino 早些時候曾批評該框架的“非常嚴格的措施”，暗示它帶來了系統性銀行風險。阿多伊諾還表示擔心，與一家銀行建立關係“非常困難”，更不用說與多家銀行建立關係了。

Launched in 2016, EURT is pegged 1:1 to the euro and was designed to provide a stable euro-backed asset for digital asset markets.

EURT 於 2016 年推出，與歐元 1:1 掛鉤，旨在為數位資產市場提供穩定的歐元支援資產。

Currently, EURT has a market capitalization of €26 million ($27.4 million) compared to Tether’s USD stablecoin, which is at $132 billion. The issuer has been operating offshore, so it’s also possible Tether calculated that the work and cost involved in becoming MiCAR compliant are not worth the benefits.

目前，EURT 的市值為 2,600 萬歐元（2,740 萬美元），而 Tether 的美元穩定幣市值為 1,320 億美元。發行人一直在海外運營，因此 Tether 也可能認為，符合 MiCAR 要求所付出的工作和成本並不值得。

Hence, rather than get itself in line, the company’s investment arm has invested in Quantoz, a company that plans to issue MiCAR-compliant U.S. dollar and euro stablecoins.

因此，該公司的投資部門並沒有採取行動，而是投資了 Quantoz，該公司計劃發行符合 MiCAR 的美元和歐元穩定幣。

“At this time, we will be focusing our support on new ventures such as the launch of Quantoz Payments’ revolutionary MiCAR-compliant stablecoins, EURQ, and USDQ, which will be powered by Tether’s advanced technology solution, Hadron by Tether,” the issuer said.

發行人表示：「目前，我們將專注於支持新企業，例如推出 Quantoz Payments 革命性的符合 MiCAR 標準的穩定幣 EURQ 和 USDQ，這些穩定幣將由 Tether 的先進技術解決方案 Hadron by Tether 提供支援。」說。

Other stablecoin issuers have decided to align themselves with MiCAR, not least Circle, which announced on July 1 that it had become the first global stablecoin issuer to achieve compliance with MiCAR for its EURC.

其他穩定幣發行人已決定與 MiCAR 保持一致，尤其是 Circle，該公司於 7 月 1 日宣布，已成為首家其 EURC 符合 MiCAR 要求的全球穩定幣發行人。

Along with Société Générale’s EURCV, the two currently dominate the euro-stablecoin market with a combined 67% share.

與法國興業銀行的 EURCV 一起，這兩家公司目前主導著歐元穩定幣市場，合計佔有 67% 的份額。