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Kraken has announced changes to its stablecoin offerings for clients in the European Economic Area. Under updated European Union rules, the exchange will remove support for several stablecoins, including Tether’s USDT, Tether’s EURT, PayPal’s PYUSD, UST, and TUSD by March 31, 2025.
Earlier reports indicated that Kraken was reviewing its policy regarding USDT in May last year, following guidelines from the Markets in Crypto Assets Regulation framework. Updated regulatory guidance prompted the exchange to act and give users sufficient time to adjust their holdings.
Kraken informed its users by email. The message read:
After careful consideration, we’ve made the tough decision to move ahead with delisting USDT, EURT, PYUSD, UST and TUSD for clients in the EEA. While these changes weren’t needed until this point, recently updated guidance from European regulators led us to the decision to delist these assets to ensure our clients have enough time to take necessary action.
You are receiving this update because you hold, or have recently transacted with, one of these impacted assets.
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New players only. Exclusive Welcome Bonus of 350% + 150 Free SpinsWhat’s changing?
To ensure Kraken remains compliant and can continue to provide an exceptional experience to European clients in the long term, we will change our stablecoin offering for clients in the European Economic Area (EEA).
By March 31, 2025, we will fully delist the following stablecoins for clients in the EEA:
USDT
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EURT
TUSD
UST
To remain compliant and continue serving its European clients, Kraken will change its stablecoin support. By the deadline, users in the EEA will no longer have access to the delisted tokens on the platform.
Coinbase and Crypto.com have also announced plans to remove USDT from their offerings for European users. This coordinated response follows the new Markets in Crypto Assets Regulation framework and highlights the evolving regulatory environment in Europe.
Clients should review their portfolios and take appropriate steps before the March 31, 2025, deadline.