The post Kraken to Delist USDT and 4 Other Stablecoins Ahead of MiCA appeared on BitcoinEthereumNews.com.

USDT’s full removal is set for March 31 of 2025. This move is similar to actions taken by other crypto exchanges like Crypto.com and Coinbase. Meanwhile, Kraken reported a 128% year-over-year revenue increase, reaching $1.5 billion in 2024, and resumed staking services in the US after settling with the SEC. Tether also reported record-breaking $13 billion in profits, driven by its expanding US Treasury holdings, though its market dominance declined. Kraken Announces Phased Delisting of USDT Kraken, one of the world’s leading crypto exchanges, announced that it plans to delist five stablecoins, including Tether’s USDT. The stablecoins will be delisted to comply with the European Union’s Markets in Crypto-Assets Regulation (MiCA). The move is similar to actions that were taken by other major exchanges like Crypto.com and Coinbase. The exchange will fully remove support for USDT in the European market by March 31, 2025. Alongside USDT, Kraken will gradually phase out PayPal USD (PYUSD), Tether EURt (EURT), TrueUSD (TUSD), and TerraClassicUSD (UST). The company stated that the decision is necessary to ensure compliance with MiCA and to continue providing services to European clients in the long run. Kraken outlined a structured delisting process in line with the European Securities and Markets Authority’s (ESMA) recommendations to prevent any disruptions in the crypto market. Starting Feb. 13, Kraken will set all margin trading pairs involving the affected stablecoins to “reduce-only” mode. This means that European users will only be able to close out existing positions.  By Feb. 27, trading for these assets will be limited to “sell-only” mode, preventing new deposits of these tokens but still allowing their sale. Finally, on March 24, Kraken will stop all spot trading for the delisted assets, automatically closing all open orders and exchanging holdings into other assets where applicable. (Source: Kraken) Clients in the EEA…

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Filed under: News - @ February 3, 2025 10:19 am