As European cryptocurrency exchanges prepare to comply with the new Markets in Crypto-Assets Regulation (MiCA), some are removing stablecoins that don’t meet the new rules. Coinbase Europe, Coinbase Germany, and Coinbase Custody International announced they will delist Tether’s USDt (USDT) along with five other stablecoins on December 13. The affected coins include PAX, PYUSD, GUSD, GYEN, and DAI. However, Coinbase will continue to support USD Coin (USDC) and the euro-pegged EURC stablecoin, a joint venture between Coinbase and Circle.
The first phase of MiCA’s stablecoin regulations began on June 30, but the full framework will be enforced starting December 30. Coinbase had previously warned users that non-compliant stablecoins like USDT could be delisted, encouraging them to convert their holdings to USDC. The European Securities and Markets Authority (ESMA) has not yet made a final decision on whether Tether’s USDT complies with MiCA, leaving its status uncertain for now.
Tether has expressed its commitment to the European market and is working on a solution to meet MiCA requirements. Recently, Tether suspended its euro-backed stablecoin EURt, citing low interest. Despite the challenges, Tether remains confident it can adapt to the new rules and continues to support MiCA-compliant stablecoins, such as those offered by Quantoz Payments, like EURq and USDq.
The Tether USDT delisting reflects the growing pressure on stablecoins in Europe, with exchanges like Coinbase adjusting their services to comply with MiCA. Although USDT remains a top-traded asset globally, its future in Europe is unclear, depending on how future regulatory decisions unfold. The Tether USDT delisting marks a key moment as exchanges work to align with the new regulations.
