{"id":21987,"date":"2024-06-05T01:45:09","date_gmt":"2024-06-04T22:45:09","guid":{"rendered":"https:\/\/coinengineer.io\/?p=21987"},"modified":"2024-06-04T23:39:04","modified_gmt":"2024-06-04T20:39:04","slug":"lugh-halts-euro-stablecoin-amid-mica-regulations","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/lugh-halts-euro-stablecoin-amid-mica-regulations\/","title":{"rendered":"Lugh Halts Euro Stablecoin Amid MiCA Regulations"},"content":{"rendered":"<p>Ahead of the <strong>European Union&#8217;s Markets in Crypto-Assets Regulation (MiCA),<\/strong> euro-pegged stablecoin issuer Lugh seems to be flitting away.<\/p>\n<p>The Paris-based company announced <a href=\"https:\/\/www.lugh.io\/\">on its website<\/a> and on X, <em>&#8220;Due to the upcoming entry into force of <strong>MiCA<\/strong> and in accordance with its commitment to compliance, LUGH announces the cessation of the issuing of its stablecoin EURL and guarantees the redemption of existing EURLs until August 30, 2024.&#8221;<\/em><\/p>\n<p>Following Binance, the biggest cryptocurrency exchange in the world by trading volume, Lugh&#8217;s decision comes on top of that, stating it will shortly limit availability in the EU to stablecoins deemed &#8220;unregulated.&#8221; Although Binance did not specifically name any stablecoins like Tether&#8217;s or Circle&#8217;s, there is worry about European citizens&#8217;s access to the two most used tokens being limited by <strong>MiCA<\/strong>.<\/p>\n<p><span style=\"color: #0000ff;\"><em>Related: <a style=\"color: #0000ff;\" href=\"https:\/\/coinengineer.net\/blog\/eus-esma-proposes-regulating-mev-as-market-abuse\/\">EU\u2019s ESMA Proposes Regulating MEV as Market Abuse<\/a><\/em><\/span><\/p>\n<p>Regarding Lugh, the small circulation of the euro-pegged stablecoin has been shriveling recently. DefiLlama reports that circulation for Lugh&#8217;s EURL token has dropped from over $2.8 million in March to roughly $32,000 as of Tuesday, implying most holders may have already used their tokens.<\/p>\n<p>Lugh said accessing the issuer&#8217;s website allowed consumers to redeem their tokens.<\/p>\n<p><em>&#8220;All EURLs have been and will continue to be guaranteed 1:1 by our reserve account opened at Soci\u00e9t\u00e9 G\u00e9n\u00e9rale and audited monthly by Deloitte,&#8221;<\/em> the company further added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ahead of the European Union&#8217;s Markets in Crypto-Assets Regulation (MiCA), euro-pegged stablecoin issuer Lugh seems to be flitting away. The Paris-based company announced on its website and on X, &#8220;Due to the upcoming entry into force of MiCA and in accordance with its commitment to compliance, LUGH announces the cessation of the issuing of its<\/p>\n","protected":false},"author":6,"featured_media":21988,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[6651,2814],"class_list":["post-21987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-european-unions-markets-in-crypto-assets-regulation","tag-mica"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lugh Halts Euro Stablecoin Amid MiCA Regulations - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Lugh halts issuance of its euro-pegged stablecoin EURL due to MiCA regulations. 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