Coinbase Europe decided to delist multiple stablecoins, including Tether’s market-leading USDT, to comply with the European Union’s rules.

In a Wednesday announcement set to its users, Coinbase wrote that “due to the new European Markets in Crypto-Assets (MiCA) regulation, Coinbase will implement restrictions for stablecoin services that do not meet MiCA requirements.”

Other than USDT, retail customers on Coinbase Europe and Coinbase Germany will see the delisting of Paxos Standard Price (PAX), PayPal USD (PYUSD), and Gemini Dollar (GUSD). It’ll also impact GYEN, which issuer GMO-Z.com calls the first regulated Japanese YEN stablecoin, and Maker Protocol’s DAI.

A Tether spokesperson told Decrypt that, considering the MiCA implementation, the company “is finalizing its long-term plans for the region, where it remains committed.”

The firm views the evolving regulatory environment positively but has concerns about the underlying systemic risks that such new regulation is adding, they added.

“Tether disagrees with the rushed actions of a limited number of exchanges that may decide to take an early stance, either because of self-interest since they own a big piece of a competitor or simply had a superficial analysis of the situation,” the Tether statement reads.

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Author: Adrian Zmudzinski