As per a recent Bloomberg report, Coinbase will remove non-compliant stablecoins from its platform in the European Union by the end of 2024, the company announced on Friday. In a statement, Coinbase emphasized its dedication to regulatory compliance, stating that it will limit services for European Economic Area users tied to stablecoins that do not meet the EU's Markets in Crypto Assets (MiCA) requirements by December 30, 2024.

Other exchanges, including Binance, Kraken, Bitstamp, OKX, and Uphold, have already delisted Tether's EURT and USDT tokens in response to the new MiCA regulations, which took effect on June 30.

Tether’s USDT, the largest stablecoin globally, has yet to secure an e-money license. In contrast, Circle, the issuer of USDC and EURC stablecoins, became the first Electronic Money Institution in the EU in July. Coinbase, which has a partnership with Circle, features USDC prominently on its platform.

MiCA is the most comprehensive regulatory framework for the crypto industry, requiring stablecoin issuers to obtain e-money authorization in at least one EU member state and adhere to strict guidelines regarding the backing of their treasury assets.

Resources:

Bloomberg