Coinbase to convert 14 stablecoins in EEA accounts to USDC on October 30

Coinbase plans to convert 14 stablecoins held by retail customers in the European Economic Area (EEA) to USDC or other supported assets on October 30. The cryptocurrency exchange cited non-compliance with the European Union’s Markets in Crypto-Assets (MiCA) framework as the driving factor behind this move, according to a notice published in its help center. The conversion will affect a range of stablecoins, including Tether ’s USDT, PayPal’s PYUSD, World Liberty Financial’s USD1, Sky’s USDS and DAI, as well as Paxos’ PAX and gold-backed PAXG. Other impacted assets are GUSD, GYEN, BUST, UST, RAI, MUSD, and TGBP. Coinbase had previously restricted buying, selling, and conversion of these tokens for EEA users.

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