Currently, for OKX and Coinbase to comply, they will remove USDT and switch to USDC. And if Binance in the future needs to comply with the MiCA standards, it will also have to follow regulatory requirements and switch entirely to USDC as the main token. This is a massive pump for Circle.
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赛云
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On October 8, 2026, the European Securities and Markets Authority (ESMA) issued its latest regulatory guidance, explicitly requiring that all crypto-asset service providers holding MiCA licenses within the EU must completely stop, within 3 months (i.e., before January 8, 2027), providing services related to unauthorized stablecoins (e.g., USDT).
Core regulatory requirements and key timelines
• Final deadline: January 8, 2027. National competent authorities must order licensed platforms to, within three months, clear all client exposures to stablecoins that are not MiCA-compliant (with USDT as a typical example).
• Prohibited conduct: Licensed platforms must, through technical, contractual, and organizational measures, comprehensively prohibit EU clients from buying, trading, exchanging, or increasing holdings of unapproved stablecoins such as USDT.
• Transition/disengagement exceptions: Before January 8, 2027, the platform is only allowed to provide limited liquidation-type services (such as selling, converting, withdrawing, transferring, or holding in custody) to help users properly manage their existing positions, and must not continue to offer everyday trading.
• Compliant alternatives: At present, compliant stablecoins authorized under the EU MiCA framework for electronic money tokens (EMT) mainly include USDC, EURC (Circle-backed), and others.
Core regulatory requirements and key timelines
• Final deadline: January 8, 2027. National competent authorities must order licensed platforms to, within three months, clear all client exposures to stablecoins that are not MiCA-compliant (with USDT as a typical example).
• Prohibited conduct: Licensed platforms must, through technical, contractual, and organizational measures, comprehensively prohibit EU clients from buying, trading, exchanging, or increasing holdings of unapproved stablecoins such as USDT.
• Transition/disengagement exceptions: Before January 8, 2027, the platform is only allowed to provide limited liquidation-type services (such as selling, converting, withdrawing, transferring, or holding in custody) to help users properly manage their existing positions, and must not continue to offer everyday trading.
• Compliant alternatives: At present, compliant stablecoins authorized under the EU MiCA framework for electronic money tokens (EMT) mainly include USDC, EURC (Circle-backed), and others.
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