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Crypto.com is set to delist Tether’s USDT stablecoin for its European users by January 31, 2025, following the company’s recent acquisition of a Markets in Crypto-Assets (MiCA) license in the EU. This decision will make Crypto.com the second major cryptocurrency exchange, after Coinbase, to cease trading Tether in Europe due to compliance with the MiCA regulations.
The announcement, made via an email sent to users on January 28, also included a delisting notice for several other assets, including Dai, Wrapped Bitcoin, Pax Gold, Pax Dollar, and certain digital asset derivative tokens offered by Crypto.com. The exchange clarified that the changes will only apply to European Union users, and it advised them to convert any remaining holdings in the affected tokens to MiCA-compliant assets by March 31, 2025. If users do not convert their assets by the deadline, the platform will automatically convert them to a compliant stablecoin or asset of equivalent market value.
This move aligns with the requirements of MiCA, the EU’s new regulatory framework for cryptocurrencies, which enforces stricter standards on stablecoins and other crypto services operating within the region. Crypto.com’s decision follows similar action from Coinbase, which removed USDT from its platform in Europe in late 2024 for failing to meet MiCA compliance standards.
Although Tether has faced mounting regulatory challenges in Europe, the company remains confident in its ability to comply with MiCA’s requirements. In response to these challenges, Tether has also focused on expanding its euro-pegged stablecoin offering, including its recent investment in European firm StablR.
Despite these efforts, the future of USDT in the European market remains uncertain, with the potential for additional regulatory pressure in the U.S. and other regions. Tether, which holds a dominant position in the global stablecoin market with a $138 billion market cap, continues to see significant adoption, particularly in emerging markets outside Europe and the U.S.
