European stablecoin issuer Lugh stops issuing EURLs before MiCA takes effect

According to stablecoin issuer Lugh, which is pegged to the euro, announced that it will stop issuing its stablecoin EURL before the implementation of the EU's cryptocurrency asset market regulation (MiCA), and will redeem existing EURL before August 30, 2024. Lugh stated that users can redeem their tokens by visiting their website. According to DefiLlama data, the circulation of Lugh's EURL token has dropped sharply from about $2.8 million in March to about $32,000 as of Tuesday, indicating that most holders may have redeemed their tokens.