On January 31, 2025, the stablecoin of Tether, USDT, will be delisted from one of the world’s largest cryptocurrency exchanges, Crypto.com
Business Post gathered that eight other tokens would also be yanked off the platform by Friday, with deposits for the affected digital coins disabled after the delisting.
The other tokens are Crypto.com Staked ETH, Crypto.com Staked SOL, PayPal USD, Wrapped Bitcoin, PAX Gold, PAX Dollar, XSGD, and DAI.
The decision to remove these coins from its trading platform is to comply with the Markets in Crypto-Assets Regulations (MiCA).
On January 17, 2025, the European Securities and Markets Authority (ESMA) asked exchanges to drop non-compliant tokens, stressing the need for crypto asset service providers (CASPs) to align their services in compliance with the MiCA regulations.
However, holders of these affected coins will have until March 31 to convert their assets to MiCA-compliant alternatives.
If this is not done, the crypto exchange will automatically convert assets to MiCA-approved stablecoins or assets.
Tether’s USDT is one of the most popular stablecoins in the world but in recent times, it has started to lose its market share because of the regulatory uncertainty in Europe, particularly due to MiCA, going from about $150 billion to $139 billion.
The new regulations in the EU require 60 per cent of stablecoin reserves in the region to be in Euros, which Tether’s chief executive, Mr Paolo Ardoino, said threatens the future of stablecoins.