Binance has announced plans to list Eurite, one of the first Euro-pegged stablecoins fully regulated under the European Union’s Markets in Crypto-Assets regulation.
In a press release today, Binance confirmed that Eurite (EURI), issued by Banking Circle S.A., will have trading pairs with EUR and USDT (USDT) on Binance starting from Aug. 28, 2024, at 10:00 UTC.
This move is accompanied by a promotion offering zero trading fees on these pairs, aimed at encouraging early adoption of the new stablecoin.
Moreover, the decision to list EURI aligns with Binance’s strategy to support stablecoins that comply with MiCA’s stringent standards, enhancing the security of its users in the European Economic Area.
MiCA, established into law in May 2023, provides uniform regulations for crypto asset issuers in the EU. Binance is adjusting its offerings to ensure compliance with these new rules, which mandate that stablecoins adhere to specific legal standards before trading within the EU.
As part of this compliance effort, Binance plans to gradually phase out support for non-compliant stablecoins, potentially delisting all non-compliant stablecoins in Europe by June 2024.
MiCA’s introduction is a significant development for the crypto industry in Europe, aiming to bring clarity and standardization to the market. While it provides opportunities for compliant businesses, it poses challenges for those adapting to the new rules.
Notably, Uphold revealed plans in June to delist USDT, the largest stablecoin, and five more stablecoins for EU customers as part of efforts to comply with MiCA. Additionally, Kraken disclosed in May it was reviewing the suspension of USDT as a compliance measure.
Circle has maintained compliance, securing the first MiCA stablecoin license on July 1. However, there is concern within the industry that the strict regulations could limit stablecoin diversity, potentially stifling innovation.
A Kaiko research last month found that MiCA majorly benefited USDC (USDC), the largest compliant stablecoin. Amid USDT’s regulatory issues, Tether CEO Paolo Ardonio expressed concerns about MiCA, warning that the regulations pose a risk to stablecoins.
