Ripple Partner Uphold To Delist Major Stablecoins Ahead of MiCA Regulations
– Uphold, partnered with Ripple’s On-Demand Liquidity (ODL), plans to delist several stablecoins including Tether (USDT), Dai (DAI), and Frax Protocol (FRAX) by July 1, 2024.
– Additional stablecoins such as Gemini Dollar (GUSD), Pax Dollar (USDP), and TrueUSD (TUSD) will also be removed to comply with the forthcoming Markets in Crypto Assets (MiCA) regulations in the European Economic Area (EEA).
– Users must convert these assets by June 27, 2024, or they will be automatically converted to USD Coin (USDC) on June 28, 2024.
– Other major exchanges like Binance, OKX, and Kraken are taking similar steps to align with MiCA standards, which require stablecoin issuers to obtain specific licenses.
A noteworthy development is the anticipated rise of EUR stablecoins within the EEA as USD-backed stablecoins face increased scrutiny under MiCA. This shift could redefine the stablecoin landscape in Europe.
These regulatory changes mark a significant evolution in the legal and operational framework for stablecoins in the EEA, likely fostering greater transparency and stability within the cryptocurrency market.
