Tether Ends Support for Euro-Pegged Stablecoin EURt

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Table of Content

In today edition we talk about

• Tether Ends Support for Euro-Pegged Stablecoin EURt

• MicroStrategy Loses $30B in Historic Four-Day Drop Amid Bitcoin Correction

• MARA Acquires 6,474 Bitcoin Through $1B Convertible Note Offering

Tether Ends Support for Euro-Pegged Stablecoin EURt

Tether, the issuer of the world’s largest stablecoin, USDt (USDT), announced it will discontinue its euro-pegged stablecoin, EURt. The company has asked holders to redeem their tokens by November 25, 2025, marking the end of EURt support across all blockchains.

The decision, announced on November 27, aligns with Tether’s strategic response to evolving European stablecoin regulations, particularly the upcoming Markets in Crypto-Assets (MiCA) framework, set to take full effect in late 2024. Tether cited the need for a "risk-averse framework" that balances innovation with user protection as a key factor in this move.

Launched in 2016, EURt provided euro-pegged stability in the volatile crypto market but now accounts for just 0.02% of Tether’s total market capitalization. New issuance of EURt stopped in 2022.

Tether will shift its focus to MiCA-compliant stablecoin projects, such as EURq and USDq by Dutch fintech company Quantoz Payments. These initiatives will leverage Tether's Hadron technology to simplify stablecoin management while ensuring compliance and robust blockchain interaction.

CEO Paolo Ardoino, a vocal critic of MiCA regulations, stated that Tether remains committed to fostering innovation and creating adaptable financial tools despite regulatory challenges.

MicroStrategy Loses $30B in Historic Four-Day Drop Amid Bitcoin Correction

MicroStrategy experienced its largest-ever four-day market cap drop, losing over $30 billion, or 35%, from its November 21 peak. This decline coincided with Bitcoin’s correction from its record high of nearly $99,800 on November 22. The company’s stock price fell 7.5% in 24 hours, trading at $354.10 as of November 27.

Despite the drop, both Bitcoin and MicroStrategy have seen significant gains over the year, with Bitcoin up 146% and MicroStrategy soaring 599%. However, MicroStrategy's sharp decline—four times steeper than Bitcoin’s correction—highlights its volatility as a leveraged Bitcoin investment.

Retail investors have increasingly driven this volatility. Last week, they purchased nearly $100 million of MicroStrategy stock, including $42 million in a single day—the largest daily retail buy on record. The surge in interest follows the firm’s $2.6 billion note offering, with major institutional backing, such as Allianz, which acquired 24% of a $600 million note issued in March.

While MicroStrategy remains a favored vehicle for Bitcoin exposure, its extreme swings underscore the risks tied to its strategy as a Bitcoin proxy.

MARA Acquires 6,474 Bitcoin Through $1B Convertible Note Offering

MARA, formerly Marathon Digital, announced the purchase of 6,474 Bitcoin as part of its recent $1 billion zero-interest convertible debt raise. The acquisition includes an initial buy of 5,771 BTC at an average price of $95,395 per coin, followed by an additional 703 BTC purchase. MARA’s Bitcoin holdings now total approximately 34,797 BTC, valued at $3.3 billion.

The mining company also repurchased $200 million of its 2026 notes and plans to use $160 million from the debt raise to buy more Bitcoin during price dips. This strategy mirrors MicroStrategy’s approach of leveraging corporate debt to accumulate Bitcoin.

MicroStrategy's Ongoing Bitcoin Accumulation

MicroStrategy, a pioneer of corporate Bitcoin treasury strategies, recently issued $3 billion in zero-interest convertible notes as part of its 21/21 plan to raise $42 billion for Bitcoin acquisitions. Between November 18 and 24, the company added 55,000 BTC at an average price of $97,862 per coin, bringing its total holdings to 386,700 BTC, solidifying its position as one of the largest Bitcoin holders.

While this approach has attracted investors, critics argue that acquiring Bitcoin via debt poses significant risks, particularly if Bitcoin’s price drops sharply. However, MicroStrategy’s repayment obligations do not begin until 2028, allowing time to weather potential market volatility.

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