Coinbase Delists USDT, DAI, PAX, PYUSD, GUSD

Coinbase prohibits European users from trading specific stablecoins, such as Tether following MiCA regulatory requirements.

Coinbase is reportedly preparing to delist several major stablecoins, including Tether (USDT), from its European exchange. The move comes as part of the exchange's efforts to comply with the upcoming Markets in Crypto Assets (MiCA) regulatory framework in the European Union (EU).

According to a recent report by The Block, Coinbase will also be removing other stablecoins from its European platform, including MakerDAO's DAI (DAI), Paxos Standard (PAX), PYUSD (PYUSD), GUSD (GUSD), and GYEN (GYEN). Notably, the exchange will continue to support USD Coin (USDC) and Euro Coin (EURC) from Circle, which was the first stablecoin issuer to be granted a license under MiCA.

The report adds that Coinbase may relist Tether and other stablecoins that are being delisted if they eventually comply with MiCA. “Tether and other stable tokens that have been delisted may be relisted in the future,” a Coinbase spokesperson said.

Coinbase Pro Europe users have been receiving emails regarding the upcoming stablecoin delistings, which are set to take place on March 14th at 12:00 PM CET. After this time, users will no longer be able to trade the affected stablecoins on the exchange.

The move by Coinbase to delist certain stablecoins from its European exchange is expected to have a significant impact on the cryptocurrency market in the region. Tether, the largest stablecoin by market capitalization, has been facing increasing scrutiny from regulators around the world.

In recent months, Tether has been ramping up its efforts to comply with MiCA, which is set to come into force later this year. The stablecoin operator has been engaging in discussions with regulators and applying for the necessary licenses to continue operating in the EU market.

As previously reported by CryptoSlate, Tether has also been exploring the possibility of launching a new stablecoin that is fully compliant with MiCA. The move is part of the company's strategy to adapt to the changing regulatory landscape in Europe.