Ahead of the entry into force of the European Union's Crypto Asset Market Regulation (MiCA), euro-pegged stablecoin issuer Lugh announced that it would stop issuing its stablecoin EURLs and pledged to redeem existing EURLs by August 30, 2024. Lugh said that yonghu can redeem tokens by visiting its website. According to DefiLlama, the amount of Lugh's EURL tokens in circulation has plummeted from about $2.80 million in March to about $32,000 as of Tuesday, suggesting that most holders may have redeemed their tokens.