As a seasoned crypto investor with years of experience navigating the volatile and rapidly-evolving digital asset market, I find myself constantly on the lookout for updates that could potentially impact my portfolio. The recent announcement by Coinbase regarding the delisting of certain stablecoins in Europe due to MiCA regulatory requirements is one such development that has caught my attention.
Due to regulations set by MiCA, Coinbase will limit the ability of European users to trade specific stablecoins such as Tether when it comes to trading.
From December 13 onwards, Coinbase Europe plans to remove a collection of stablecoin tokens, which includes the most prominent fiat-linked cryptocurrency, Tether (USDT), as part of complying with wider regulations outlined in the Markets in Crypto-Assets structure.
Coinbase is going to restrict transactions involving digital currencies such as PAX, PYUSD, GUSD, GYEN, and Maker’s DAI, as these assets have been classified as tokens that do not comply with the regulations set by MiCA.
Significantly, the crypto exchange will carry on facilitating transactions for Circle’s stablecoins, specifically USDC and EURC. Circle has already obtained a European stablecoin license, making it the first of its kind under the new MiCA regulations. Coinbase also mentioned that Tether and other delisted stable coins might be reinstated later if they manage to comply with MiCA standards.
As of now, there’s been no public response from Tether regarding the delisting notice. Our request for a statement on this matter, sent to crypto.news, remains unanswered at the time of writing.
In case you missed it: As of today, @coinbase is informing European users that stablecoins not meeting MiCA standards will be restricted 🇪🇺
— Algorand Foundation (@AlgoFoundation) December 11, 2024
Discussions about Tether’s future in Europe have been ongoing for months, with the Markets in Crypto-Assets (MiCA) regulation set to take full effect by the end of December. Earlier, Tether CEO Paolo Ardoino mentioned that the company aims to keep serving EU users. However, details about this strategy are lacking, and it remains uncertain if Tether might withdraw from Europe by 2025. In August, Ardoino did express concerns that MiCA could potentially endanger stablecoins.
Tether stands out as the leading operator of stablecoins, with an impressive market value of around $140 billion and a large volume in circulation. Although the European Union is a significant economic region, Tether primarily serves developing economies such as Latin America and Southeast Asia.
In the past year, the company significantly increased its earnings, using some of it for investments in Bitcoin (BTC), mining operations, and data centers. Furthermore, Tether’s holdings of U.S. Treasury Bills could make it a significant player in the development of U.S. stablecoin policies. However, it’s worth noting that Tether has not publicly outlined its plans to expand further within the United States.
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2024-12-13 21:18