Coinbase (NASDAQ:COIN) has messaged European users that they must exit non-compliant stablecoins by this Friday (October 30).
According to an update on the Coinbase website, digital assets that do not adhere to the Markets in Crypto-Assets Regulation (MiCA) will no longer be supported.
The assets include: USDT, PAX, PYUSD, GUSD, GYEN, DAI, BUST, UST, RAI, PAXG, MUSD, USD1, USDS, and TGBP. Several of these are from top issuers, including PayPal (Paxos) and Tether.
Coinbase states:
Buying, selling, and converting these assets on Coinbase is restricted. Withdrawal is the only available option if you want to keep holding them.
And;
On October 30, 2026, Coinbase will convert remaining affected balances at the market rate at the time of conversion: Into USDC, where suitable, or into another supported crypto asset or currency where USDC is not suitable.
Coinbase explains that under MiCA, these assets qualify as either e-money tokens (EMTs) or asset-referenced tokens (ARTs). Issuers that are not MiCA-compliant will no longer be supported on the platform.
Tether did not obtain MiCA approval, and the company cited reserve requirements as the issue. Tether holds most of its reserves in US Treasuries, and the deposit requirements under MiCA in EU banks were described as risky.
Paxos does have a compliant stablecoin, but digital assets issued by Paxos Trust Company do not yet have a European partner or entity.
