Bitstamp, a leading cryptocurrency exchange, has announced the delisting of Tether's euro-pegged stablecoin, EURT, in preparation for the full enforcement of Europe's Markets in Crypto-Assets (MiCA) regulation by the end of June. The decision comes as part of Bitstamp's efforts to align its offerings with the new regulatory framework.

EURT, which was launched on Bitstamp in November 2021, has seen a significant decline in market capitalization, dropping from its peak of $236 million in February 2022 to around $37 million currently. Bitstamp's managing director for the United Kingdom, James Sullivan, stated that the exchange fully supports MiCA's mission to create a more uniform regulatory environment across the European Union.

Non-euro-denominated stablecoins on Bitstamp will not be affected by this delisting, but they will be limited to certain products for European customers, and no new Electronic Money Tokens (EMTs) will be listed unless they meet MiCA requirements. Other exchanges, such as Uphold, have also decided to delist multiple stablecoins in response to MiCA rules.

Tether CEO Paolo Ardoino has publicly criticized the European regulation, indicating in May that the company had no intention of conforming to MiCA. However, Bitstamp's decision underscores the exchange's commitment to full compliance with the new rules, which aim to protect consumers, ensure market integrity, and foster innovation within the crypto space.