Coinbase to Delist USDT in Europe

Coinbase has started informing its clients in Europe that it will be limiting certain stablecoins that do not meet the requirements set by the Markets in Crypto Assets (MiCA) tomorrow.

The company has identified two stablecoins that are still available for its users: EURD from Quantoz and USDC from Circle.

The departure of Tether from the European market will heavily affect both of these assets. This announcement was made by the Algorand Foundation, which is a blockchain and cryptocurrency based on proof-of-stake.

Algorand shared the notice from Coinbase on social media and provided a list of MiCA-compliant stablecoins that its users can switch to.

The competition for stablecoin dominance in the EU has intensified, with both Circle and Quantoz vying for the top spot. “Dear Client, as a reminder, Coinbase will be implementing restrictions on stablecoin services that do not meet MiCA requirements due to the new regulation.