Nexo has updated its stablecoin services for users in the European Economic Area (EEA)

The changes will involve trading, savings, and lending activities for various stablecoins, including USDT, DAI, USDP, TUSD, and PAXG.

As part of its ongoing efforts to comply with evolving regulations within the European Economic Area (EEA), Nexo is introducing an update to its stablecoin services.

These changes, which will take effect in two phases starting March 10, 2025, and March 31, 2025, respectively, will affect trading, savings, and lending activities for various stablecoins, including USDT, DAI, USDP, TUSD, and PAXG.

The first phase, commencing March 10, 2025, will see the introduction of an exchange service for converting USDT, USDP, DAI, and TUSD into USDC at the prevailing market rate, without any additional fees from Nexo. This service will be available on the Nexo Exchange platform through the following pairs:

* USDC/USDT

* USDC/USDP

* USDC/DAI

* USDC/TUSD

The initiative aims to streamline the transition to USDC, which will continue to offer opportunities for earning interest. However, these exchanges will not qualify for cryptocurrency cashback.

Moreover, from March 10, 2025, USDT, DAI, USDP, TUSD, and PAXG will no longer be accepted for new deposits in Fixed-term Savings and the automatic renewal of such deposits will be suspended.

Those who already have fixed deposits in these currencies will continue to receive interest until maturity. When the active terms expire, users will be able to convert to another currency to continue generating returns.

Furthermore, Nexo will cease the possibility of opening new Dual Investment strategies with USDT in the EEA. However, existing positions will remain active until their natural expiration. Users will be able to consider USDC as an alternative for future operations.

Despite these changes, Nexo users in the EEA will still be able to:

* Perform new deposits in USDC for both Flexible and Fixed-term Savings.

* Continue using USDC for new Credit Line positions.

* Open new Dual Investment strategies with USDC.

Changes from March 31, 2025

Trading: shutting down new purchases of USDT, USDP, TUSD, DAI, and PAXG

From March 31, 2025, the trading pairs for these stablecoins will switch to sell-only mode. Users will only be able to convert them into other cryptocurrencies, but will no longer be able to purchase them on the platform.

The exchange of USDT, USDP, DAI, and TUSD for USDC will continue at the same market rate with zero fees.

Nexo will introduce multi-asset collateral for Futures trading, allowing users to use both USDT and USDC as collateral in their Futures wallets.

From March 31, 2025, the following will be discontinued:

* Plans for new deposits in Flexible Savings and the top-up of existing positions in this modality.

* New positions in Fixed-term Savings in these specific stablecoins.

* The possibility of applying for new Credit Line positions with USDT in the EEA.

Nexo will no longer grant new loans in USDT. However, there are no restrictions on the other stablecoins for the lending function.

Interruption of Flexible Savings for some stablecoin

From March 31, 2025, USDT, USDP, TUSD, DAI, and PAXG will no longer be supported in Flexible Savings. The last daily interest payment will be made on this date.

Those who have Fixed-term deposits in these coin will continue to receive interest until the natural expiration of the contracts.

Despite the limits on trading, loans, and savings, it will still be possible to deposit and withdraw the affected stablecoins without restrictions.

The goal of the changes and the implications for users

These changes reflect the evolution of the crypto sector and the necessary alignment of Nexo with European regulations on stablecoins.

The company aims to ensure a smooth and secure user experience, while still allowing users to continue to hold and manage their digital assets.

In particular, Nexo highlights how these innovations represent an important step towards greater regulatory compliance. Users are encouraged to prepare for the changes and to evaluate the available conversion options to optimize their portfolio.

The company will continue to monitor the regulatory landscape and will promptly inform its clientele of any further updates.