Starting December 13, several stablecoins will become unavailable on Coinbase Europe, Coinbase Germany, and Coinbase Custody International.
We will have to restrict access to USDT, PAX, PYUSD, GUSD, GYEN and DAI. We regularly review the assets we make available to clients on our platform to ensure that they are in compliance with regulatory requirements.
We will re-evaluate the possibility of re-listing stablecoins that comply with MiCA rules at a later date, Coinbase representatives said.
The delisting of the listed stablecoins is due to the launch of new MiCa rules, which will come into force in EU countries on December 30, 2024. The exchange has already offered its clients to convert the listed stablecoins into USDC and EURC from the issuer Circle, which will remain available in the future.
Coinbase is the third largest cryptocurrency exchange in the world in terms of trading volumes. Moreover, stablecoin USDT accounts for more than 12% of all trades on the platform.
Interestingly, European regulators have not directly stated that USDT does not comply with MiCA requirements. CEO Tether Paolo Ardoino has openly criticized some aspects of the new rules and the actions of a number of exchanges.
Tether I do not agree with the hasty actions of some exchanges, which decide to delist a stablecoin either for selfish reasons, since they own a significant share of a competitor, or simply after a superficial analysis of the situation, Ardonio said.
At the same time, he reported that the company is actively working on a technological solution adapted for the European market.
