With Tether halting EURt issuance, banks like Societe Generale and Standard Chartered are seizing opportunities to introduce euro-backed stablecoins. Tether’s EURt struggled, achieving only a 37 million USD market cap compared to USDT’s 138 billion USD.
New insights into the state of stablecoin market show MiCA regulations fostering euro stablecoin initiatives by banks like Oddo BHF, BBVA, and Revolut. The evolving landscape sets the stage for increased competition as institutions aim to keep pace with Tether.