USDT Loses EU Exchange Access as Tether Declines MiCA Authorization on July 1

USDT lost access to regulated EU exchanges on July 1, 2026, after the Markets in Crypto-Assets (MiCA) framework completed its transition period and Tether chose not to seek authorization. Platforms including Coinbase, Kraken, and Crypto.com have withdrawn USDT trading for European users, removing the world's largest stablecoin by market capitalization from licensed trading venues across the bloc.

Under MiCA, stablecoin issuers must hold at least 60% of reserves in European bank deposits to qualify as electronic money tokens. Tether declined to apply for this status, citing concerns that the requirement would create systemic risk given its reliance on U.S. Treasury securities and globally diversified assets rather than European bank holdings. USDT remains the dominant stablecoin globally with a market capitalization of approximately USD 186 billion.