The European Securities and Markets Authority declined to disclose whether USDt is “noncompliant” but said it is working on solutions to issues in the framework.
Coinbase is preparing to delist noncompliant stablecoins in Europe by the end of 2024, but there is still no clarity regarding the status of Tether’s USDt, the world’s largest stablecoin.
Coinbase told its European customers on Oct. 4 that it would restrict services for stablecoins that “do not meet requirements” of the European Union’s Markets in Crypto-Assets Regulation (MiCA).
Coinbase will offer stablecoin options, including USD Coin (USDC), which it jointly issued with United States crypto firm Circle in 2018. The USDC stablecoin became one of the first stablecoins to comply with MiCA in July.
