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.