The purge of stablecoins in the Eurozone continues. Starting July 1, the New York crypto exchange#Upholdwill stop supporting stablecoins #USDT, #DAI, #FRAX, #GUSD,#USDPand#TUSDin Europe. They have already sent out a mailing to users, the screenshot was shared in X by Anthony Welfare, Senior Advisor for CBDC Europe and Global Partnerships at Ripple.
The reason is still the same - the introduction of new crypto regulation rules (MiCA).
Owners of the listed stablecoins must convert them into other crypto assets by June 28. Otherwise, they will automatically be replaced... with #USDC. Here is your answer about the main beneficiary of the implementation of the new rules - this is#Circlewith its stablecoin.
Let us recall that earlier in March, the OKH crypto exchange already announced the delisting of trading pairs with USDT in EU countries. For the same reasons. And in May, the Kraken crypto exchange announced that it was considering the possibility of delisting USDT in the EU. Binance also recently announced similar MiCA compliance measures.
The MiCA stablecoin rules will come into force in the European Economic Area this month, on June 30th. Under the MiCA system, stablecoin issuers in the EU must be licensed as electronic money institutions (EMIs) or credit institutions.