Coinbase’s Delisting Announcement: Effective December 13, 2024, Coinbase will remove Tether’s USDT, PAX, PYUSD, GUSD, GYEN, and DAI due to MiCA restrictions. The complete MiCA framework will be enforced on December 30, 2024, tightening regulations for crypto assets.
Impact on Trading Volume: Tether’s USDT represents over 12% of Coinbase’s trading volume, equating to more than 1 billion USD traded daily. This delisting raises concerns over the potential decline in trading activity and user sentiment on the platform.
Ongoing Compliance Assessments: Coinbase states it will continually assess available assets, possibly reinstating compliant stablecoins later. Notably, the European Securities and Markets Authority has yet to confirm USDT’s noncompliance with MiCA regulations.