Coinbase Will Remove Six Stablecoins From Platforms in Europe Due to Upcoming MiCA Regulation

Cryptocurrency exchange Coinbase will remove six stablecoins from platforms in Europe due to the upcoming implementation of stricter regulations under the European Markets in Crypto-Assets Regulation (MiCA) law.

Coinbase to Remove 6 Stablecoins From European Platforms Due to MiCA LawCoinbase, one of the leading cryptocurrency exchanges in the world, will be removing six stablecoins from its platforms in Europe.

This move comes as a response to the upcoming implementation of stricter regulations under the European Markets in Crypto-Assets (MiCA) law.

Coinbase will delist the following stablecoins from Coinbase Europe, Coinbase Germany, and Coinbase Custody International on December 13:

Coinbase will continue to support USD Coin (USDC) and the Euro-linked stablecoin (EURC), which comply with MiCA requirements. Users will be advised to switch to these alternatives and exchange their stablecoins from the list above for EURC or USDC.

The MiCA regulation, which entered its first phase in June 2024, mandates stablecoin issuers to adhere to high standards of transparency, liquidity, and consumer protection. The full implementation of the law for crypto asset service providers (CASP) will take place on December 30.

Coinbase had earlier notified users of its plans to remove stablecoins that fail to comply with MiCA regulations. In anticipation of regulatory decisions, other exchanges, like OKX and Bitstamp, have already limited access to USDT.

After Bitcoin, USDT is the second-most-popular asset on the Coinbase platform, and it contributes to over 12% of trading, with a daily trading volume of around $1 billion. The removal of USDT and other stablecoins is likely to affect user activity in Europe significantly.

However, EU regulators, including the European Securities and Markets Authority (ESMA), have yet to announce an official status of compliance (or non-compliance) of USDT with MiCA standards.