Uphold ceases support for USDT, GUSD, TUSD due to European new law: report
The post Uphold ceases support for USDT, GUSD, TUSD due to European new law: report appeared on BitcoinEthereumNews.com.
Cloud-based multi-asset platform Uphold has begun notifying some of its customers about its decision to suspend support for Tether’s USDT, and Gemini’s GUSD among other stablecoins. Multi-asset trading platform Uphold will cease support for a basket of stablecoins due to the European new regulatory framework known as the Markets in Crypto-Assets Act (MiCA). According to an Uphold email notification shared in an X post by Commercializing Blockchain Research Centre (CBRC) founder Antony Welfare, the New York-headquartered firm will no longer support USDT, GUSD, DAI, FRAX, TUSD, and USDP starting from Jul. 1, referring to “new European Union rules on stablecoins” as the reason behind the move. #Mica #stablecoin regulations mean not all $USD stablecoins are treated equally .. interesting to see which are ok 👍 pic.twitter.com/4hJEL4T24n — Antony Welfare (@AntonyWelfare) June 17, 2024 As of press time, Uphold made no public statements on the matter. Crypto.news reached out for comments and we will update the article if we hear back. Following the suspension, Uphold will continue to support Circle‘s stablecoins USDC and EURC, as well as PYUSD issued by Paxos for PayPal. The company urged customers to convert their holdings in the affected stablecoins by Jun. 27. Any remaining balances in these stablecoins will be automatically converted to USDC on Jun. 28, Uphold added. ‘Extremely vulnerable’ regulation MiCA entered into force in June 2023, though the provisions related to the asset-referenced tokens and e-money tokens will apply from Jun. 30. Under the new regulation, no stablecoins can be offered in the European Union to the public or “admitted to trading on a trading platform for crypto-assets,” unless the issuer is authorized in the region and publishes a “white paper” approved by the national competent authority. The new regulatory landscape has sparked concerns among some crypto executives. Tether CEO Paolo Ardoino,…
Filed under: News - @ June 19, 2024 6:28 am