The EU’s regulation of stablecoins has taken another step forward.
ESMA has clearly stated that crypto asset service providers authorized under MiCA should stop providing EU clients with services related to “stablecoins that do not comply with MiCA.”
The scope is not limited to trading; it also includes exchange, custody, transfers, order execution, investment advice, and portfolio management. (European Securities and Markets Authority)
What truly matters here isn’t whether “a certain stablecoin will be delisted,” but that the EU is starting to turn stablecoin compliance directly into an access condition for entering trading venues.
You can still hold a stablecoin, but if exchanges, custodians, and other service providers can no longer offer the relevant services, its practical use cases will be gradually cut off layer by layer.
So the real issue to watch going forward isn’t:
“Will USDT disappear?”
But:
“Can the exchange, wallet, and custody provider I use still allow me to keep using it?”
Competition among stablecoins is shifting from “who has the bigger scale” to “who can enter more regulatory frameworks.”
What regulation really changes isn’t necessarily the price—it’s the doorway.
ESMA has clearly stated that crypto asset service providers authorized under MiCA should stop providing EU clients with services related to “stablecoins that do not comply with MiCA.”
The scope is not limited to trading; it also includes exchange, custody, transfers, order execution, investment advice, and portfolio management. (European Securities and Markets Authority)
What truly matters here isn’t whether “a certain stablecoin will be delisted,” but that the EU is starting to turn stablecoin compliance directly into an access condition for entering trading venues.
You can still hold a stablecoin, but if exchanges, custodians, and other service providers can no longer offer the relevant services, its practical use cases will be gradually cut off layer by layer.
So the real issue to watch going forward isn’t:
“Will USDT disappear?”
But:
“Can the exchange, wallet, and custody provider I use still allow me to keep using it?”
Competition among stablecoins is shifting from “who has the bigger scale” to “who can enter more regulatory frameworks.”
What regulation really changes isn’t necessarily the price—it’s the doorway.