EU regulators target non-compliant stablecoins with a 90-day deadline
Summary
ESMA says MiCA-authorized crypto firms should resolve EU clients’ exposure to non-compliant stablecoins within three months of its Oct. 8 opinion, with remediation due by about Jan. 8, 2027. National regulators may permit narrowly limited, supervised wind-down services—such as conversion, withdrawal, transfer or custody—but not new purchases or promotion. The guidance applies providers’ MiCA duty to act in clients’ best interests and complements earlier restrictions, while ESMA also seeks legislation banning all licensable services involving non-compliant stablecoins. The opinion names no tokens; USDT is identified by some exchanges as non-compliant for EEA users. It does not ban worldwide ownership.
