14 stablecoins; conversion becomes mandatory in Europe in 6 days.
Coinbase has set October 30 as the deadline: USDT, DAI, PYUSD and 11 other non-compliant stablecoins held by customers in the European Economic Area will be converted at market price into USDC if they aren’t withdrawn before then. Any deposits made afterward will not be credited.
Trading and conversions have already been suspended. Withdrawal is now the only option. This follows ESMA’s October 8 opinion: MiCA-licensed platforms must swiftly eliminate their exposure to non-compliant stablecoins, with a firm deadline of January 8 next year. Coinbase has simply moved its own deadline up by 70 days.
The interesting contrast is on the other side of the Atlantic: the US OCC has just set January 18 next year as the effective date for the final GENIUS stablecoin rules. The US is opening its doors while Europe is closing them—the same coins are being treated very differently in the two regions.
I don’t think this is an existential moment for USDT, but rather a customer acquisition opportunity for USDC in Europe: compliance licenses are becoming market share. I’ll watch, but won’t chase.
Invalidation: this thesis is void if Coinbase backs down and extends the deadline after October 30, or if ESMA relaxes the January 8 deadline.
Do you think European users facing forced conversion will switch to USDC, or simply withdraw their coins and leave?
$USDT $USDC
#稳定币 #Coinbase
Lo anterior no constituye asesoramiento de inversión. Haz tu propia investigación (DYOR); operar conlleva riesgos.
Coinbase has set October 30 as the deadline: USDT, DAI, PYUSD and 11 other non-compliant stablecoins held by customers in the European Economic Area will be converted at market price into USDC if they aren’t withdrawn before then. Any deposits made afterward will not be credited.
Trading and conversions have already been suspended. Withdrawal is now the only option. This follows ESMA’s October 8 opinion: MiCA-licensed platforms must swiftly eliminate their exposure to non-compliant stablecoins, with a firm deadline of January 8 next year. Coinbase has simply moved its own deadline up by 70 days.
The interesting contrast is on the other side of the Atlantic: the US OCC has just set January 18 next year as the effective date for the final GENIUS stablecoin rules. The US is opening its doors while Europe is closing them—the same coins are being treated very differently in the two regions.
I don’t think this is an existential moment for USDT, but rather a customer acquisition opportunity for USDC in Europe: compliance licenses are becoming market share. I’ll watch, but won’t chase.
Invalidation: this thesis is void if Coinbase backs down and extends the deadline after October 30, or if ESMA relaxes the January 8 deadline.
Do you think European users facing forced conversion will switch to USDC, or simply withdraw their coins and leave?
$USDT $USDC
#稳定币 #Coinbase
Lo anterior no constituye asesoramiento de inversión. Haz tu propia investigación (DYOR); operar conlleva riesgos.