Coinbase converts 14 restricted stablecoins for European users by October 30

Coinbase is giving European holders of USDT, PYUSD and USD1 until Friday (October 30) to act, showing how MiCA authorization now decides which stablecoins keep exchange access. Circle’s USDC is the named destination asset, which matters for anyone tracking regulated stablecoin share in Europe.

• Coinbase will convert 14 restricted tokens, including USDT, PYUSD and USD1, for EEA retail customers on October 30.
• Assets sent after the deadline will not be credited; recovery costs 5% above $100, with no guarantee.
• Issuers that win MiCA authorization could regain access, but completed conversions will not be reversed.

• 14 restricted tokens facing conversion, with USDC the named destination asset
• 5% recovery fee on recovered assets above the $100 threshold
• Jan. 8 2027 outer limit set by ESMA, versus Coinbase’s earlier Oct. 30 cutoff
• July 1 MiCA transitional period end for issuers, nearly four months before Coinbase’s cutoff

Coinbase will automatically convert 14 restricted tokens held by retail customers in the European Economic Area (EEA) on Friday (October 30), three days from today, CryptoSlate reported. The list includes Tether’s USDT, PayPal’s PYUSD and World Liberty Financial’s USD1. Affected users must withdraw their holdings before the deadline or, where suitable, have balances converted into Circle’s USDC or another supported asset or currency.

Coinbase lists 14 tokens, from USDT to TGBP, as restricted under MiCA

The exchange set out the terms in a customer notice. The restrictions cover USDT, PYUSD, USD1, DAI, PAX, GUSD, GYEN, BUST, UST, RAI, PAXG, MUSD, USDS and TGBP.

Coinbase has already restricted purchases, sales and conversions involving these assets. Withdrawals to supported external wallets are the only option left for customers who want to keep them.

The exchange attributed the move to the European Union’s Markets in Crypto-Assets Regulation (MiCA), which requires issuers of qualifying stablecoins to obtain regulatory authorization. Coinbase said the transitional period for issuers expired on July 1, 2026, without an extension. That leaves it unable to keep supporting tokens whose issuers lack the required authorization.

ESMA’s October 8 opinion sets January 8, 2027 as the outer limit

The deadline follows an October 8 opinion from the European Securities and Markets Authority (ESMA). It directed authorized crypto firms to stop providing services involving stablecoins that fail to meet MiCA requirements.

The regulator extended its expectations beyond trading to custody, transfers, portfolio management and other crypto services.

ESMA instructed national authorities to address remaining exposures within three months, effectively setting January 8, 2027, as the outer deadline while allowing earlier restrictions. Coinbase’s October 30 cutoff arrives well ahead of that regulatory limit and introduces an additional risk for customers who continue using previously supported deposit addresses.

Deposits sent after October 30 will not be credited, and recovery carries a 5% fee

The early cutoff adds a risk for customers who keep using previously supported deposit addresses. Coinbase warned that it will not credit accounts for affected assets sent after the deadline. Those assets cannot be traded or transferred and will be excluded from the automatic conversion.

The company said it may be possible to recover such assets through its unsupported-asset recovery service, though eligibility depends on the token and blockchain network involved. Coinbase offers no guarantee that funds can be retrieved. Its published recovery terms charge 5% on any recovered assets exceeding $100, plus applicable network fees.

Conversions will occur at prevailing market rates, which may affect customers holding assets valued in currencies other than the US dollar. The restricted list includes PAXG, a gold-backed token, and GYEN, which tracks the Japanese yen. Coinbase also warned that swapping one crypto asset for another could trigger tax obligations in certain jurisdictions, even when the conversion is automatic.

Coinbase’s Luxembourg unit will keep reviewing tokens, but conversions will stand

The exchange’s Luxembourg subsidiary, which serves EEA customers under a MiCA authorization, said it will keep reviewing restricted tokens as their regulatory status changes. Issuers that later obtain the required approvals could regain access to Coinbase’s European customers. Any restoration of support will

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