Uphold crypto exchange ended support for the top 6 stablecoins before MiCA rules came into effect.
Uphold is a feature-rich cryptocurrency exchange founded in 2014 that offers an easy-to-use platform for buying, selling and holding a wide range of digital assets and traditional investments. Known for its transparency, security and ease of use, Uphold integrates seamlessly with fiat currencies and emphasizes accessibility for both new and experienced investors.
On June 18, 2024, Uphold announced that it would stop supporting several stablecoins, including Tether (USDT), Dai (DAI), and Frax Protocol (FRAX), due to the upcoming Markets in Crypto Assets (MiCA) regulation. The affected stablecoins also include the Gemini Dollar (GUSD), Pax Dollar (USDP) and TrueUSD (TUSD). This new decision will come into effect from July 1, 2024.
The Uphold team urged customers to exchange their listed stablecoins for USDC or other tradable crypto assets, otherwise the exchange will automatically exchange stablecoin funds for Circle ($USDC) stablecoin.
Antony Welfare, senior advisor of CBDC Europe and Global Partnerships at Ripple, shared this information with his followers and confirmed that not all stablecoins will lose their support.
It is worth noting that already other major crypto exchanges, e.g. Binance, Kraken, etc., have decided to do this to end support for Tether (USDT) and other similar stablecoins due to MiCA rules.
Now it will be interesting to see the future decisions of other crypto exchanges that have significant exposure to the European Union (EU) crypto market, as such decisions could seriously affect the dominance of Tether stablecoin.
A month ago, crypto exchange Kraken reportedly decided to delist the USDT stablecoin, but later Kraken officials responded to such a report and confirmed that MiCA could affect stablecoins.
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