Kraken is set to remove Tether (USDT) and four other stablecoins from the European Economic Area EEA region in compliance with the European MiCA crypto regulations.
The exchange plans to phase out these coins, with the final changeover taking place on March 31, 2025.
The stablecoins affected include Tether (USDT), PayPal USD (PYUSD), Euro Tether (EURT), TrueUSD (TUSD), and TerraClassicUSD (UST).
Kraken is providing users with ample time to swap their holdings before the cutoff. Any remaining balances after March 31 will be converted into a compliant stablecoin.
A detailed timeline has been provided: margin trading for these stablecoins will enter “reduce-only” mode from February 13, 2025, and “sell-only” mode from February 27. By March 17, all margin positions will be closed, with spot trading and active orders cancelled by March 24.
These changes will only affect clients within the EEA, including Germany, Spain, France, Sweden, and 26 other countries. Kraken has confirmed that any impacted assets deposited after the deadlines can only be withdrawn.
Other exchanges, including Crypto.com and Coinbase, have introduced similar measures, with Crypto.com ceasing USDT and nine other stablecoins from today. Coinbase already delisted these stablecoins from its European platform in December 2024.
