Despite Coinbase’s decision to delist Tether’s USDT (USDT-USD) stablecoin from its European platform in mid-December, several major crypto exchanges have continued to support the world’s largest stablecoin. The move by Coinbase (COIN), which came ahead of the European Markets in Crypto-Assets (MiCA) regulation deadline on December 30, has stirred up discussions across the industry. Yet, Binance, Crypto.com, Kraken, and others haven’t followed suit, maintaining USDT’s availability for European users.
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The MiCA Deadline Looms
As MiCA’s full implementation approaches, there’s uncertainty around how various crypto platforms will handle Tether’s USDT. While Coinbase stopped offering the stablecoin, citing MiCA compliance, other exchanges, including KuCoin and Bitget, have kept it available. There is no clear indication from European regulators on whether USDT violates local laws. This regulatory grey area leaves platforms scrambling to comply in the lead-up to the deadline.
Tether Strengthens European Presence with StablR Investment
Amid the uncertainty, Tether is doubling down on its presence in Europe. On December 17, the company announced its investment in StablR, a Malta-based stablecoin firm. This partnership will integrate Tether’s tokenization technology, Hadron, into StablR’s projects, including the euro-backed StablR Euro (EURR) and the U.S. dollar-pegged StablR USD (USDR). According to CoinTelegraph, Tether CEO Paolo Ardoino expressed his optimism, saying, “The European stablecoin market is rapidly evolving, and it’s poised for significant further growth.”
Tether’s Support for StablR Signals Future Stability
Tether’s backing of StablR shows its push to stay involved in Europe’s evolving stablecoin market. With MiCA regulations kicking in soon, Tether is working to keep its foothold in the region. At the same time, exchanges like OKX and Bitpanda are still figuring out how to handle USDT, leaving its future in Europe uncertain as the December 30 deadline approaches.
