Tether abandons Europe as MiCA ban wipes USDT from exchanges
The European Union has completed its MiCA transition, leaving Tether’s $186 billion USDT without a compliant route onto regulated crypto exchanges across the bloc from July 1, 2026, crypto.news reports.
According to the European Union’s Markets in Crypto-Assets (MiCA) framework, the transition period has now ended, requiring regulated crypto platforms to support only compliant stablecoins.
As a result, MiCA-licensed exchanges including Coinbase, Kraken, and Crypto.com have removed USDT trading for European users, ending the stablecoin’s presence on regulated order books despite its position as the world’s largest stablecoin by market capitalization.
Rather than applying for authorization as an electronic money token (EMT), Tether decided not to pursue MiCA approval. CEO Paolo Ardoino previously argued that the regulation’s reserve rules create systemic risk because issuers must keep at least 60% of reserves in European bank deposits.
Tether’s reserve strategy instead relies heavily on U.S. Treasury securities and other globally diversified assets, making the MiCA framework incompatible with its existing model.
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