Coinbase Delists USDT, DAI, PAX, PYUSD, GUSD
Coinbase prohibits European users from trading specific stablecoins, such as Tether following MiCA regulatory requirements.
Coinbase Europe will delist non-compliant stablecoin tokens, including Tether, the biggest fiat-pegged cryptocurrency to adhere to more comprehensive guidelines established in the Markets in Crypto-Assets framework.
Tether has a $140.1 billion market capitalization and circulating supply, making it the biggest stablecoin operator. Tether primarily serves emerging markets in Southeast Asia and Latin America however, the EU is a significant economic region.
Additionally, Coinbase will not allow trading for stablecoins classified as MiCA noncompliant tokens, such as Maker’s DAI, PAX, PYUSD, GUSD, and GYEN.
The cryptocurrency exchange will notably support the USDC and EURC Circle stablecoins. Circle was the first stablecoin issue granted the first European stablecoin license under the new MiCA regulations. ‘Tether and other stable tokens that have been delisted may be relisted in the future, stated Coinbase, if they comply with MiCA.’
The industry has debated Tether’s future in Europe because MiCA was supposed to be in play this month. Paolo Ardoino, the CEO of Tether, stated that the company plans to keep providing services to users in the EU. Paolo Ardoino did predict that MiCA might have endangered stablecoins in August of last year. The company made record profits of billions of dollars by investing in data centers, and Bitcoin mining facilities throughout the year.
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