According to a post on January 9, e-Money — a stablecoin project in the Cosmos ecosystem — said it would discontinue the issuance of its euro stablecoin EURR effective March 6, 2023. In explaining the decision, e-Money wrote: 

"The lack of real-world applications for blockchain has led to low demand for non-USD stablecoins. The upcoming European MiCA legislation is expected to hinder the scalability of Euro-backed stablecoins and limit business opportunities in the sector. European MiCA legislation in its current form favors commercial banks as future issuers of Euro stablecoins, hurting innovation in the European Union."

Until the deadline, users can redeem their EEUR by swapping their stablecoins for digital assets such as OSMO, ATOM, or USD Coin (USDC) on Cosmos decentralized exchange Osmosis (OSMO). For amounts over 100,000 EEUR, e-Money recommends direct redemption for euros with e-Money A/S. "This requires KYC/AML and you should expect around 5 business days for processing. Please contact [email protected] to redeem using this option," the firm wrote.