Coinbase Makes Plans to Delist Stablecoins Unauthorized in the EEA

Coinbase will delist all unauthorized stablecoins from its crypto exchange in the European Economic Area by year-end

Coinbase announced plans to delist non-EU authorized stablecoins from its exchange in the European Economic Area (EEA) by year-end.

The move comes as MiCA (Markets in Crypto Assets) prepares to fully implement new stablecoin regulations in the EU.

Coinbase said the exchange is working on plans for EEA customers to convert their stablecoins to other MiCA-compliant stablecoins, such as EURC and USDC.

A Coinbase spokesperson said the exchange will only service EEA users with stablecoins that are approved by MiCA.

Revolut and Robinhood are among the companies considering launching stablecoins in the EEA to challenge Tether’s 66% market share.

However, Tether is yet to receive MiCA approval to offer its $120 billion USDT in Europe.

A customer support message, shared by crypto commentator MartyParty, showed that OKX has delisted USDT trading pairs for EEA users ahead of MiCA’s stablecoin oversight rules.

The message indicated that OKX will only offer USDC and EUR, promising over 30 new EUR spot trading pairs.

The Bretton Woods Committee said both local and global stablecoin offerings will either comply with MiCA or vanish from the EU crypto market in the short to mid-term.

Exchanges like Kraken and Binance are also preparing to delist non-EU regulated tokens, showcasing the EU’s intolerance for loosely regulated ‘internet funny money,’ the Committee added.

Kaiko research team: MiCA to Reshape Stablecoin Market, Prompting Delistings by Top Exchanges

Kaiko said Mi