Coinbase is set to limit trading for specific stablecoins, including Tether, for its European users in compliance with the regulatory stipulations outlined in the Markets in Crypto-Assets (MiCA) framework.
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Beginning on December 13, Coinbase Europe will remove a selection of stablecoin tokens from its platform, including Tether, the largest fiat-pegged cryptocurrency. This action is taken to align with the comprehensive regulations established under the Markets in Crypto-Assets (MiCA) framework.
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In addition to Tether, Coinbase will also cease trading for several other stablecoins, such as PAX, PYUSD, GUSD, GYEN, and Maker’s DAI, which have been identified as noncompliant with MiCA regulations. This decision reflects the exchange’s commitment to adhering to the evolving regulatory landscape in the cryptocurrency sector.
However, Coinbase will maintain trading support for Circle’s stablecoins, USDC and EURC, as Circle has successfully obtained a European stablecoin license, marking a significant milestone under the new MiCA legislation. The exchange has indicated that Tether and the other stablecoins that are being delisted may have the opportunity to be relisted in the future, contingent upon their compliance with MiCA standards.
For several months, analysts have been contemplating the future of Tether in Europe, particularly with the Markets in Crypto-Assets (MiCA) regulation set to be fully implemented by the end of December. Tether’s CEO, Paolo Ardoino, previously indicated that the company aims to maintain its services for users in the European Union. However, details regarding this strategy remain limited, and there is uncertainty surrounding the possibility of Tether withdrawing from the European market by 2025. In August, Ardoino expressed concerns that MiCA could pose risks to stablecoins.
Tether stands as the leading stablecoin provider, with a significant market capitalization of $140 billion and a substantial circulating supply. While the European Union represents a significant economic region, Tether primarily focuses on serving emerging markets, particularly in Latin America and Southeast Asia, where its services are in high demand.
Throughout the year, Tether has reported record profits amounting to billions, which have been reinvested in various assets, including Bitcoin, mining operations, and data centers. Furthermore, Tether’s holdings in U.S. Treasury Bills may position the company favorably in light of forthcoming American stablecoin regulations. Nevertheless, Tether has yet to reveal a clear plan to enhance its operations within the United States.
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