MiCA regulations are about to be implemented, and digital asset exchanges have been preparing for compliance. For example, in March, the centralized crypto exchange Okx announced it would drop tether (USDT) in Europe, and EUR and USDC would be included as trading pairs for spot trading. Okx also mentioned that 30 new EUR pairs would be introduced soon. This week, Uphold informed its European customers that it would delist six stablecoins from its EEA-based operations.

Uphold specified that DAI, FRAX, GUSD, USDP, TUSD, and USDT would be removed. The platform will continue to support USDC, EURC, and PYUSD after delisting the six pairs on July 1. In mid-May, a Bloomberg article reported that Kraken was reviewing USDT pairs for its European operations, but the day after the report was published, Kraken’s global head of asset growth and management, Mark Greenberg, issued a statement contradicting Bloomberg’s report.

“Let’s be clear,” Greenberg insisted at the time. “Kraken continues to list USDT in Europe and we have no plans to delist at this time. We know our European clients value access to USDT and we continue to look at all options to offer USDT under the upcoming regime. We will of course follow all legal requirements, even those we disagree with. But the rules are not finalized yet and we continue to do everything we can to continue to offer all relevant stablecoins to our European customers.”

Crypto enthusiasts are actively discussing Binance’s recent decision to delist specific stablecoins from its exchange. This month, the platform released a blog post stating that “unregulated stablecoins” will be removed from nearly all Binance operations, including trading and custody services, reward programs, margin trading, Binance loans, and cloud mining services. Additionally, Binance has notified EEA clients that derivatives products can no longer be funded with stablecoins. The platform will still accept deposits of non-stablecoin assets like BTC, ETH, and BNB, among others.

MiCA regulations include licensing requirements for stablecoin issuers, who must obtain licenses as Electronic Money Institutions (EMIs) or credit institutions. The rules also prohibit stablecoins that do not adhere to a 1:1 reserve ratio and ban algorithmic stablecoins outright. Furthermore, MiCA’s stringent measures have adoption thresholds that stablecoins must meet. By delisting stablecoins that might not comply with MiCA’s licensing, reserve, and algorithmic standards, exchanges such as Uphold, Binance, and Okx are proactively aligning their services with the new regulatory framework.

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