Coinbase Delists Certain Stablecoins in Europe to Comply with MiCA Regulations

Coinbase Europe to Restrict Trading of Non-Compliant Stablecoins

Starting December 13, Coinbase Europe has delisted a basket of stablecoin tokens, including Tether (USDT), to comply with the Markets in Crypto-Assets (MiCA) framework. The move aims to adhere to the broader rules enshrined in the MiCA regulations. As a result, European users will no longer be able to trade these non-compliant stablecoins on the platform.

The list of delisted stablecoins includes:

  • Tether (USDT)
  • PAX
  • PYUSD
  • GUSD
  • GYEN
  • Maker’s DAI

Circle Stablecoins Continue to be Supported

On the other hand, Coinbase will continue to support trading for Circle stablecoins, including USDC and EURC. Circle had previously secured a European stablecoin license, the first of its kind under the new MiCA laws. This license allows Circle to operate in compliance with the MiCA regulations.

Tether’s European Fate Uncertain

Tether, the largest stablecoin operator by market capitalization, has not publicly addressed the delisting notice. The company’s CEO, Paolo Ardoino, had previously stated that Tether intends to continue serving EU users, but specifics of this plan were scarce. It remains unclear whether Tether might exit Europe by 2025.

Ardoino had also expressed concerns that MiCA may pose

systemic risks to EU banks.

Tether’s Business Operations

Tether boasts a $140 billion market cap and circulating supply, with most of its business catering to emerging markets like Latin America and Southeast Asia. The company has also invested billions in record profits, including investments in Bitcoin, mining facilities, and data centers.

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