📉 Crypto exchange Uphold will stop supporting 6 stablecoins for European users from July 1st. This is due to the European MiCA cryptocurrency regulations. The list includes Tether (USDT), Dai (DAI), Frax Protocol (FRAX), Gemini dollar (GUSD), Pax dollar (USDP) and TrueUSD (TUSD).

Users must transfer them to another cryptocurrency by June 28, otherwise the exchange will automatically convert them to USD Coin (USDC).

MiCA introduces strict requirements for fiat-backed stablecoins and prohibits algorithmic stablecoins.

In addition to Uphold, other major crypto exchanges, including Binance, are also changing their stablecoin policies to comply with MiCA regulations.