Uphold Plans to Delist 6 Stablecoins, Including USDT

European users of the cryptocurrency exchange Uphold have received a notice stating that starting July 1, the platform will no longer support six popular stablecoins.

This decision is in response to the European crypto regulations known as Markets in Crypto-Assets (MiCA) new stablecoin framework.

The six stablecoins – Tether, Dai, Frax Protocol (FRAX), Gemini dollar (GUSD), Pax dollar (USDP), and TrueUSD (TUSD) – will be delisted in order for the exchange to adhere to the regulations.

Users who hold these stablecoins are required to convert them to a different cryptocurrency before June 28, after which they will automatically be converted into USD Coin.

The comprehensive MiCA law was passed in May 2023 and partially went into effect in June 2023. It is expected to fully come into force by the end of 2024.