Stablecoin issuing protocol e-Money has ended its issuance of EEUR, a stablecoin pegged to the euro, citing current market conditions as the reason.

Issuance ceased on Jan. 9 with redemption of the stablecoin supported until March 6, according to an e-Money announcement.

"Given the current market conditions, that effort has unfortunately reached a stage where it is prudent and responsible to wind it down," e-Money said.

Users with large amounts of EURR can redeem their coins directly for euros with e-Money. Those with smaller amounts can swap their EURR for other crypto on the Cosmos-based exchange Osmosis.