Coinbase Will Delist USDT in Europe

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Tether’s USDT and five other stablecoins will be removed today from Coinbase’s European platforms in response to the impending implementation of the European Union’s crypto-asset regulations, known as MiCA, on December 30, 2024.

This decision was announced by a Coinbase spokesperson, who stated that USDT, along with PAX, PYUSD, GUSD, GYEN, and DAI, do not meet the requirements set by MiCA and will therefore not be supported.

However, Coinbase will continue to back USD Coin (USDC) and EURC, as they are in compliance. Under the MiCA regulations, which were drafted on June 30, 2024, stablecoin issuers must hold an e-money license in order to operate within the European Economic Area (EEA).

Currently, Tether does not possess this license, but discussions are ongoing. Coinbase had already warned users in October 2023 that non-compliant assets could be delisted. Users who hold any of the affected stablecoins will have the option to convert their holdings to USDC to maintain access to Coinbase’s services.

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