Kraken, one of the world’s largest crypto currency exchanges, announced that it would delist Tether (USDT) and four other Stablecoin for users in the European Economic Area (EEA). The Delist process will progress gradually and the remaining assets will be automatically converted on March 31, 2025.
Kraken removes USDT and a few stablecoins from the list
Kraken confirmed that Tether (USDT), Paypal USD (PYUSD), Euro Tether (Eurt), Trueusd (TUSD) and Terrausd (Ust) stablecoins will be removed from the platform in the European Economic Area by e-mail to its users. As of February 13, 2025, this process will begin with the inclusion of margin transactions only into “position reduction” mode. At this stage, users will not be able to open a new position. By February 27, spot transactions will be transferred to “sales only” mode and users will be prevented from making new purchases.
On March 17, Kraken will automatically turn off all margin positions with relevant stablecoins. As of March 24, all spot transactions will be terminated and open orders will be canceled. Finally, all stablecoin balances that remain in the stock exchange after March 31 will automatically convert to assets that are suitable for regulations.
Why is Kraken taking this step?
Kraken’s decision is linked to increasing the pressure of Mica (crypto assets for markets), which came into force in Europe, on stablecoin exporters and stock exchanges. Kraken, which operates in European countries such as Germany, Spain, Italy and France, is changing its services in order to adapt to new regulations. The stock market suggests its users to transform their assets before the delist process is completed, otherwise they will be included in the automatic conversion process.
Kraken is not the only big stock market that reduces stablecoin support in Europe. Kriptokoin.comAs we have reported, platforms such as Coinbase and Crypto.com have announced their plans to gradually remove USDT. Although Tether faces regulatory pressures in Europe, he continues to grow globally. In 2024, the company made a record of $ 13 billion. In addition, El Salvador supported the expansion of Tether to establish a center in the country. Despite the loss of ground in the European market, Tether’s dominance in the crypto market continues strongly.
