Coinbase has announced the delisting of six stablecoins, including Tether’s USDT, from its European platforms, effective December 13th. This move is intended to ensure compliance with the Markets in Crypto-Assets (MiCA) regulation, which comes into full effect by the end of the month.
The delisted stablecoins include USDT, PAX, PYUSD, GUSD, GYEN, and DAI. However, Coinbase will continue to support USDC and EURC, highlighting the company’s commitment to regulatory adherence.
Uncertainty Surrounds USDT’s Regulatory Status
While the delistings target these specific coins, confusion remains regarding USDT’s exact regulatory standing under MiCA. The European Securities and Markets Authority (ESMA) has yet to provide definitive guidance, leaving ambiguity over whether USDT meets MiCA’s requirements.
Tether Responds to Delistings
Tether has expressed its confidence in adapting to the evolving regulatory landscape. Despite recently halting its euro-backed stablecoin, EURt, due to low demand, the company plans to introduce MiCA-compliant projects, such as EURq and USDq, while maintaining its presence in the European market.Tether has also criticized what it perceives as hasty delisting decisions by some exchanges, suggesting that these actions may be driven by self-interest.
High Stakes for Stablecoins in Europe
The delistings underscore the significant challenges facing stablecoin issuers and exchanges in Europe. Navigating the complex regulatory framework of MiCA is crucial for securing a long-term position in the market.
December 2024, Cryptoniteuae
