Tether 援引欧盟 MiCAR 法规，终止其欧洲稳定币 EURT

面对欧盟加密资产市场监管 (MiCAR) 的新要求，Tether 将停止对其欧元稳定币 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).

稳定币发行商 Tether 宣布，由于欧盟加密资产市场监管 (MiCAR) 的具体规定，将不再支持其与欧元挂钩的稳定币 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.

我们敦促在所有支持的区块链（包括以太坊、Solana 和 Tron）上持有 EURT 的客户在 2025 年 11 月 27 日之前赎回其资产。将不再接受新的 EURT 发行请求。

“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 日的一份声明中表示：“考虑到欧洲市场围绕稳定币不断发展的监管框架，这一决定符合我们更广泛的战略方向。”

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相关规定已于6月底生效。除此之外，稳定币发行人现在需要获得央行授权，并向投资者发布包含相关代币信息的白皮书。

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.

围绕营销、信息披露和利益冲突处理也提出了新的行为和治理要求，以及确保足够的流动性和满足赎回请求的能力的审慎要求。

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

具体来说，发行人对将 30% 的稳定币储备存放在银行账户、其中 60% 用于较大型稳定币的要求感到不满。

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 首席执行官保罗·阿多伊诺 (Paolo Ardoino) 早些时候曾批评该框架的“非常严格的措施”，暗示它带来了系统性银行风险。阿多伊诺还表示担心，与一家银行建立关系“非常困难”，更不用说与多家银行建立关系了。

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 于 2016 年推出，与欧元 1:1 挂钩，旨在为数字资产市场提供稳定的欧元支持资产。

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 的市值为 2600 万欧元（2740 万美元），而 Tether 的美元稳定币市值为 1320 亿美元。发行人一直在海外运营，因此 Tether 也可能认为，符合 MiCAR 要求所付出的工作和成本并不值得。

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，该公司的投资部门并没有采取行动，而是投资了 Quantoz，该公司计划发行符合 MiCAR 的美元和欧元稳定币。

“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.

发行人表示：“目前，我们将重点支持新企业，例如推出 Quantoz Payments 革命性的符合 MiCAR 标准的稳定币 EURQ 和 USDQ，这些稳定币将由 Tether 的先进技术解决方案 Hadron by Tether 提供支持。”说。

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.

其他稳定币发行人已决定与 MiCAR 保持一致，尤其是 Circle，该公司于 7 月 1 日宣布，其已成为首家其 EURC 符合 MiCAR 要求的全球稳定币发行人。

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

与法国兴业银行的 EURCV 一起，这两家公司目前主导着欧元稳定币市场，合计占有 67% 的份额。