Ripple wins UK’s PAY360 award for digital currency leadership as MiCA regulations bring new clarity to the European crypto market.
Uphold to delist multiple stablecoins, including Tether and Dai, ahead of MiCA regulations taking effect on June 30, 2024.
EUR-backed stablecoins expected to rise in Europe as MiCA regulations increase scrutiny on USD-backed stablecoins.
Ripple has positioned itself favorably within the UK and European crypto markets, recently securing the UK’s prestigious PAY360 award for leadership in digital currencies. This achievement shows Ripple’s commitment to innovation and regulatory compliance, especially as the Markets in Crypto Assets (MiCA) regulations are set to take effect within the European Economic Area (EEA) in less than two weeks.
#RIPPLE IS WELL POSITIONED FOR THE UK AND EUROPEAN CRYPTO MARKET RIPPLE HAS WON THE UK´S MOST PRESTIGIOUS PAYMENTS AWARDS AND RIPPLE'S #STABLECOIN MEETS ALL #MiCA REGULATORY CRITERIA THE #MiCA REGULATIONS DUE IN LESS THAN TWO WEEKS SHOULD BE A BIG WIN FOR EUROPE IN… https://t.co/Y3b1piOv3y pic.twitter.com/ZEgEubqitB
— XRP DROPZ (@DROPZXRP) June 18, 2024
Ripple’s Accomplishments and Recognition
In October 2023, Ripple won the UK’s PAY360 Awards, recognizing its leadership in digital currencies and assets within the financial services sector. This accolade was celebrated by Sendi Young, Managing Director of Ripple’s European operations, who highlighted the achievement on her X account. Ripple’s recognition extends beyond the UK, as it ranked 13th in Fortune’s “Best Workplace in Technology” and was listed among People Magazine’s top caring companies.
Uphold’s Adjustments Ahead of MiCA Regulations
In anticipation of the MiCA regulations, Ripple’s On-Demand Liquidity (ODL) partner, Uphold, has announced plans to remove support for multiple stablecoins, including Tether (USDT), Dai (DAI), and Frax Protocol (FRAX). This move is part of a broader trend among crypto exchanges to align with the forthcoming regulatory framework.
Additional stablecoins affected by Uphold’s decision include Gemini Dollar (GUSD), Pax Dollar (USDP), and TrueUSD (TUSD). Customers holding these assets are advised to convert them by June 27, 2024, as they will automatically be converted into USD Coin (USDC) on June 28, 2024.
BREAKING: @Ripple's ODL partner, @UpholdInc, has announced removal of numerous stablecoins, including Tether. pic.twitter.com/5Tt4n4rPsS
— JackTheRippler © (@RippleXrpie) June 18, 2024
Implications of MiCA Regulations on the Crypto Market
The upcoming MiCA regulations, set to take effect on June 30, 2024, represent a significant shift in the regulatory landscape for stablecoins within the EEA. Uphold’s proactive measure aligns with similar actions taken by other major exchanges like Binance, OKX, and Kraken, which are also adjusting their operations to comply with MiCA requirements.
Future Prospects for EUR and USD Stablecoins
As USD-backed stablecoins face increased regulatory scrutiny in Europe, EUR-backed stablecoins are expected to see a rise in adoption within the European region. Despite this, USD stablecoins are likely to maintain their dominance in the global market. The MiCA regulations are anticipated to bring greater regulatory clarity, benefiting the European crypto market.
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