ESMA gives EU crypto platforms 3 months to drop non-MiCA stablecoins such as USDT
Summary
ESMA has told national regulators to ensure EU-authorized crypto platforms stop offering services that increase customers’ holdings of stablecoins that do not comply with MiCA, including USDT and PayPal USD. Platforms may allow limited actions to resolve existing balances, such as selling, converting, withdrawing or transferring tokens. Remaining holdings must be addressed as soon as possible and within three months of the opinion’s publication, by Jan. 8, 2027. National regulators will determine how platforms implement the wind-down. ESMA says continued access to noncompliant stablecoins would undermine MiCA’s rules for reserves, redemption, governance and disclosure.
