Today I want to reveal a big news to everyone!

🚨 🚨 Uphold actually abandoned multiple stablecoins due to the MiCA ban. Is your wallet okay?

According to an exclusive report by Foresight News, the well-known cryptocurrency trading platform Uphold has decided to "discard" multiple stablecoins from July 1st under the pressure of the MiCA regulations that the EU is about to implement! Yes, you heard it right, DAI, FRAX, GUSD, USDP, TUSD, USDT, these friends who used to be your and my favorites, are all facing the fate of being "kicked out of the group chat"! 😱

As soon as this news came out, it undoubtedly caused a small earthquake in the cryptocurrency circle! 🌀 Looking back, these stablecoins were all our favorites. Whether it was hedging in a volatile market or as a trading bridge, they played an irreplaceable role. And now, because of a piece of regulation, they are going to say goodbye to us? This is really sad.

However, Uphold is not completely ruthless. They gave users a buffer period. Before 05:59 on June 28th, Beijing time, users can also choose to convert tokens on their own. If you are too lazy to do it, Uphold will automatically convert it to USDC on June 28th. Of course, if you love USDC, EURC and PYUSD, then congratulations, they will continue to be favored by Uphold. 😉

By the way, what is the origin of this MiCA regulation? How can Uphold make such a big adjustment? In fact, MiCA is a crypto asset market regulation that the European Union is about to implement, which aims to strengthen the supervision of the crypto asset market and protect the interests of investors. However, for Uphold, this regulation may mean higher compliance costs and stricter regulatory requirements, so they have to make such adjustments.

So, as ordinary users, how should we deal with this sudden change? First, don't panic and stay calm. Secondly, pay close attention to whether the tokens you hold are on Uphold's "breaking away" list. If so, make a decision as soon as possible and choose to convert tokens or withdraw cash. Finally, always pay attention to the dynamics of the cryptocurrency market and regulatory changes so that timely adjustments can be made.

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