According to Foresight News, Lugh, a stablecoin issuer pegged to the Euro, has announced the suspension of its stablecoin EURL issuance ahead of the enforcement of the EU's crypto asset market regulation (MiCA). The company has assured that it will redeem all existing EURL before August 30, 2024. Lugh has stated that users can redeem their tokens by visiting its website.
Data from DefiLlama indicates that the circulation of Lugh's EURL tokens has drastically dropped from about $2.8 million in March to approximately $32,000 as of Tuesday. This suggests that the majority of holders may have already redeemed their tokens.