Key Takeaways:
- Uphold will remove support for six stablecoins, including Tether (USDT) and Dai (DAI), by July 1 to comply with the EU’s MiCA regulations.
- Users must convert these stablecoins by June 28, or Uphold will automatically convert them to USD Coin (USDC).
- Major exchanges like Binance, Kraken, and OKX are also adjusting policies to meet MiCA requirements, affecting stablecoin listings in the European Economic Area.
Uphold will remove support for six stablecoins, including Tether (USDT) and Dai (DAI), by July 1 to comply with the European Union’s Markets in Crypto-Assets Regulation (MiCA).
Users must convert these stablecoins to other cryptocurrencies by June 28, or Uphold will automatically convert them to USD Coin (USDC).
UPDATE: UPHOLD CRYPTO EXCHANGE WILL STOP SUPPORTING USDT, DAI, FRAX, GUSD, USDP, AND TUSD STABLECOINS FROM JULY 1 DUE TO MICA IN EUROPE
— BSCN Headlines (@BSCNheadlines) June 18, 2024
This change aligns with MiCA’s stricter regulations on fiat-backed stablecoins, which require a 1:1 reserve ratio and separate asset reserves.
Cryptocurrency exchange Uphold announced that due to the MiCA in Europe on June 30, it will stop supporting multiple stablecoins, including Tether (USDT), Dai (DAI), Frax Protocol (FRAX), Gemini Dollar (GUSD), Pax Dollar (USDP) and TrueUSD (TUSD) from July 1. They will be…
— Wu Blockchain (@WuBlockchain) June 18, 2024
Other major exchanges like Binance, Kraken, and OKX are also adjusting their policies to meet MiCA requirements, impacting stablecoin listings and compliance in the European Economic Area.
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