Uphold to delist USDT and 5 stablecoins by July 1, citing MiCA
Apart from Uphold, other major crypto exchanges, including Binance, Kraken and OKX, also tweaked their stablecoin listing policies to comply with MiCA regulations.
Cryptocurrency exchange Uphold has sent a notice to its European users informing them that the platform will end support for six popular stablecoins from July 1. Uphold says it is delisting the stablecoins to align with the European Union’s Markets in Crypto-Assets Regulation (MiCA).
The six stablecoins are Tether (USDT), Dai (DAI), Frax Protocol (FRAX), Gemini dollar (GUSD), Pax dollar (USDP) and TrueUSD (TUSD). Users holding these stablecoins must convert them to a different cryptocurrency before June 28, after which the cryptocurrency exchange will automatically convert them into USD Coin (USDC).
MiCA was passed into law in May 2023 and went into partial effect in June 2023. The extensive EU crypto laws are expected to come into full force by the end of 2024.
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Author: Prashant Jha
