Coinbase’s One-Time MiCA Stablecoin Conversion Runs Friday for EEA Users
By Unchained
AI summary of the source article
Coinbase will execute a one-time conversion of 14 stablecoins held by EEA retail accounts on Oct. 30 into USDC or other supported assets. The exchange stated the tokens fall short of the EU's Markets in Crypto-Assets rules.
Why it matters
Coinbase stated that the tokens fall short of EU MiCA rules, leaving it "unable to support coins from issuers that aren’t MiCA-authorized."
Key facts
- Coinbase will convert remaining balances of 14 stablecoins, including USDT and PYUSD, in EEA retail accounts on Oct. 30.
- Balances left on the platform will be swapped at market rate, with proceeds landing primarily in USDC.
- Customers wishing to keep the tokens must withdraw them to an external wallet before the Oct. 30 deadline.
Source excerpt · Unchained
Fourteen stablecoins that Coinbase says fall outside MiCA rules will be swapped at the market rate for European retail customers who leave them on the exchange, into USDC where the company deems it suitable. The post Coinbase’s One-Time MiCA Stablecoin Conversion Runs Friday for EEA Users appeared first on Unchained .