Coinbase will convert balances of 14 stablecoins and related assets held by retail customers in the European Economic Area (EEA) on Friday, Oct. 30. The affected tokens come from issuers that
Coinbase will convert balances of 14 stablecoins and related assets held by retail customers in the European Economic Area (EEA) on Friday, Oct. 30. The affected tokens come from issuers that lack approval under the EU's Markets in Crypto-Assets Regulation (MiCA), whose transitional period ended on July 1.
The list includes Tether's $USDT, PayPal's PYUSD, World Liberty Financial's USD1, DAI and PAXG. The full list of affected assets is USDT, PAX, PYUSD, GUSD, GYEN, DAI, BUST, UST, RAI, PAXG, MUSD, USD1, USDS and TGBP, according to Crypto Briefing.
Holdings will switch to $USDC, or another supported asset where USDC does not fit, unless users move them to an outside wallet first. Coinbase will convert any remaining balances at the market rate on Oct. 30, using USDC where suitable or another supported crypto asset or currency where it is not.
Trading options have already been closed. Buying, selling and converting these assets on Coinbase is restricted, and withdrawal is the only option for customers who want to keep holding them, according to Coinbase's help centre.
Coins sent to Coinbase after the deadline will not be credited, and getting them back is not guaranteed. Coinbase warned that such transfers will not appear in account balances or qualify for automatic conversion. It may be able to return some assets through its unsupported crypto recovery process, but this depends on technical support and does not guarantee recovery. Customers should also consider tax. Coinbase noted that crypto-to-crypto conversions may have tax implications.
The move follows the end of MiCA's grace period. Coinbase says the transitional period for stablecoin issuers ended on July 1, 2026, without an extension.Tether has not secured the e-money token issuer authorization that MiCA requires for stablecoins serving the EU.
European regulators have also stepped up pressure on service providers. On Oct. 8, the European Securities and Markets Authority (ESMA) said MiCA-authorized crypto service providers should end services for stablecoins that do not meet the rules, and called on national authorities to address existing exposures promptly, with three months after publication as the latest deadline. According to TokenPost, the ESMA opinion does not name USDT or any other specific stablecoin.
Coinbase has left the door open to a reversal for individual assets. It may reconsider support if an asset later becomes MiCA-compliant, though a completed conversion would not be reversed.
Self-custody remains an option for European users. EU users can still hold USDT in self-custody wallets, transact on decentralized exchanges and use it in DeFi protocols, according to compliance firm Scorechain. The restriction applies to regulated service providers rather than to individual holders.
Coinbase Help: MiCA Non-compliant Stablecoins
Crypto Briefing: Coinbase to convert 14 restricted crypto assets for EEA users on October 30
EconoTimes: Coinbase to convert remaining EEA balances in 14 assets under MiCA rules
