Kraken crypto exchange will delist Tether (USDT) and four other stablecoins in the European Economic Area (EEA). This decision is in response to new regulations under the Markets in Crypto-Assets (MiCA) framework. The delisting will happen in phases, with the process ending on March 31, 2025.
The stablecoins being delisted include PayPal USD (PYUSD), Euro Tether (EURT), TrueUSD (TUSD), and TerraUSD (USDT). The delisting will start on February 13, 2025. On this date, margin pairs for these assets will switch to “reduce-only” for clients in the EEA. By February 27, spot trading will be limited to “sell-only,” and no new deposit addresses will be created for these assets.
On March 17, any open margin positions will be automatically closed. Spot trading for these stablecoins will stop for EEA clients on March 24, and all open orders will be canceled. After March 31, 2025, any remaining holdings in these assets will be automatically converted to a compliant stablecoin. Deposits made after this deadline will only be available for withdrawal.
Kraken operates in several European countries, including Germany, Spain, and France. Last May, the exchange indicated it might delist USDT to meet stricter stablecoin rules under MiCA. This move comes as European regulators increase scrutiny on stablecoins.
Other exchanges are also taking action. Crypto.com announced it would delist USDT and nine other tokens in Europe by January 31, 2025.
