E-Money halts the issuance of the EEUR stablecoin

Thursday 12 January 2023 13:54 CET | News

Stablecoin-issuing protocol e-Money has ceased its issuance of the EEUR stablecoin in the context of current market conditions.


The issuance of EEUR came to a complete halt on 9 January 2023 but users can still redeem the stablecoin until 6 March 2023. E-Money officials cited by motivated their decision by mentioning current market conditions and emphasised that it is both prudent and responsible to wind the project down. 

Those who have considerable sums of EURR can redeem their coins directly for euros with e-Money. As for those with smaller amounts, they can swap their EURR for other cryptocurrencies on the Cosmos-based exchange Osmosis. Coindesk reports that the stablecoin sector has a market cap of around USD 140 billion, but despite this, the adoption of stablecoins linked to fiat currencies other than USD has been slow. One example is Circle, the issuer of USDC, which introduced its euro coin (EUROC) in June 2022.


Stablecoin-issuing protocol e-Money has ceased its issuance of the EEUR stablecoin in the context of current market conditions.


More information about e-Money

According to the company's website e-Money was founded in 2017 and represents a blockchain-based payment platform that aims to bridge the legacy banking system through a single blockchain layer. Built on Cosmos technology, the e-Money protocol is built for the issuance of a range of interest-bearing currency-backed stablecoins. 

In early 2020, the company launched its emoney-1 mainnet, which offered near-instant finality payments and a decentralized exchange. e-Money also worked closely with the Financial Services Authority and Ernst & Young to develop a transparent and compliant model for stablecoins that could accommodate negative interest rates in the Eurozone. 

Tether’s USDT has been delisted in Canada by

Another stablecoin that’s going through rough waters at the time of writing is USDT, as the stablecoin has been delisted in Canada by users received the news first-hand via an email in which the company motivated its decision by referring to a series of instructions from the Ontario Securities Commission (OSC). The decision to delist USDT in Canada also has something to do with’s pre-registration efforts for a restricted dealer license.  

The email also noted that all USDT trading pairs, transactions, deposits, and withdrawals will be delisted by 1 p.m. ET on 31 January 2023. After that, all USDT user deposits on the exchange will convert to USDC, which is issued by Circle. The exchange also warned that users should no longer make deposits or withdrawals beyond the deadline and that they might incur a retrieval fee if deposits of USDT are made from external wallets after the suspension period.

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Keywords: stablecoin, cryptocurrency, Issuer, fintech
Categories: Banking & Fintech
Companies: e-Money
Countries: Europe
This article is part of category

Banking & Fintech


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