US-based Coinbase has made a very important decision in its services to Europe. The company stated that it will remove stablecoins that have not received the necessary permits from regulatory agencies from its services in countries in the European Economic Area.

The European Economic Area includes countries such as Liechtenstein, Iceland and Norway, which are not part of the European Union, and facilitates the trade of countries in the region.

MiCA effect started to be seen

As it is known, the European Union wants to implement MiCA rules in the region as of the end of this year. Stablecoins must have ‘e-money authorisation’ from at least one member state.

After December 30, Coinbase will not offer stablecoins issued by companies that do not have this permission after December 30 in EU activities, in short, it will be unlisted. In the statement made by Coinbase on the subject, the following statements were used:

“Within the framework of our willingness to comply with the regulations, as of December 30, we will exclude stablecoins that do not comply with MiCA rules from our services”

It will be convertible to USDC: USDT?

Coinbase will also make a more detailed statement on the issue in November. According to the information provided by Bloomberg from the US media, users will be able to convert their stablecoins that will be banned to MiCA-compliant USDC or Circle’s euro-stabled coin.

Here, of course, the most questioned and wondered whether it will be banned will be the stablecoin USDT. As it is known, USDT, issued by Tether, is currently by far the largest stablecoin with a market capitalisation of $119 billion. Coinbase did not provide information about this situation.

The Tether company has been criticised for many years for its headquarters in the Virgin Islands, which is part of the United Kingdom.