Euro-linked Stablecoin EURL to Cease Issuance: What You Need to Know
CryptoNewsTerminal Staff04 Jun, 2024
Euro-linked Stablecoin EURL to Cease Issuance: What You Need to Know
Following the impending implementation of the European cryptocurrency regulation act MiCA, Euro-linked stablecoin issuer Lugh has officially declared that it will discontinue issuing its stablecoin EURL. This suspension is in line with MiCA's requirements. Outstanding EURL tokens can be redeemed for euros through Lugh's official website until August 30, 2023. According to Lugh, its customer asset reserves are fully backed 1:1, as verified by Deloitte's monthly audits. Data from DeFiLlama indicates that EURL's circulation has significantly decreased since the announcement. The majority of holders have likely already redeemed their tokens for euros. EURL holders should ensure they redeem their tokens before the August 30 deadline to avoid any potential losses.
