The exchange will consider reinstating services for stablecoins that achieve compliance with European regulations.
Coinbase has announced the removal of Tether (USDT) and five other stablecoins from its European platforms starting December 13, ahead of the implementation of the MiCA regulation.
The decision, which affects Coinbase Europe, Coinbase Germany, and Coinbase Custody International, specifically concerns USDT, PAX, PYUSD, GUSD, GYEN, and DAI. However, the exchange will continue to support USD Coin (USDC) and the euro-pegged stablecoin EURC, which are jointly managed by Coinbase and Circle.
Tether is the second most traded asset on Coinbase after Bitcoin, accounting for over 12% of total trading volume and daily transactions exceeding $1 billion.
A Coinbase spokesperson stated:
“We regularly review the assets we make available to customers on our platform to ensure we are meeting regulatory requirements, and will assess re-enabling services for stablecoins that achieve MiCA compliance on a later date.”
Tether has maintained a critical stance on certain aspects of the MiCA regulation, as stated by Paolo Ardoino in an interview with Atlas21 during the BTC Prague 2024 conference.
On November 27, Tether announced the suspension of EUR₮ issuance, its euro-pegged stablecoin.
