In a June 4 report, Spanish outlet CriptoNoticias made a pointed claim: MiCA (the EU’s Markets in Crypto-Assets Regulation) is pushing USDT toward the margins of EU-regulated platforms. MiCA’s stablecoin (EMT, e-money token) provisions have applied since June 30, 2024, and asset-referenced token (ART) and EMT issuers must obtain authorization before issuing to the EU public. The core fact is this: Tether has not yet obtained EMT authorization under MiCA — this is the public status as of this article’s publication (2026-06-05); readers should defer to Tether’s and national regulators’ formal announcements for any updates. This means that EU exchanges holding a CASP (Crypto-Asset Service Provider) license are, in theory, no longer able to offer trading services in unauthorized EMTs to EU users.
CriptoNoticias mentions that “roughly 60% of European users are still trading on unlicensed platforms.” We should flag: this figure comes from the report itself, and the original article does not clearly cite its primary data source (whether an ESMA report, an on-chain analytics firm, or an industry survey). We cannot verify it with a single click, so readers should treat it with caution as a media claim rather than an official statistic. The institutional fact that can be verified is the MiCA text itself — see ESMA’s official MiCA page.
Editorial take: separate the “holding side” from the “spending side”
The most common mistake readers make is conflating two different things. What MiCA tightens first is the holding side: whether you can buy, sell, or custody USDT on a licensed EU exchange. It does not directly ban you from holding USDT in your own non-custodial wallet, nor does it directly shut off the spending function of a USDT card — that depends on the issuer’s settlement path.
For EU users holding a USDT card, the real chain of impact looks like this:
| Card | Affected step (editorial judgment) | Key point to watch |
|---|---|---|
| Wirex | An EU entity — the top-up/exchange step is most likely to see adjustments to the USDT deposit channel | Whether deposits shift to converting to EURC/USDC before settlement first |
| RedotPay | Primarily a non-EU entity — the compliance boundary for EEA users awaits official clarification | The official USDT deposit policy for the EEA region |
| Crypto.com Visa | Holds EU-related licenses — trading pairs may shift toward authorized EMTs first | Whether USDT trading pairs remain visible in the app |
The “affected steps” above are all editorial judgment, inferred from each issuer’s entity registration location and existing license structure. As of this article’s publication, none of the three has issued a dedicated announcement on this topic. Defer to each issuer’s official pages.
Expected timeline:
- Within 7 days: No sudden “card cutoffs.” Most issuers will likely prioritize automatically converting USDT to euros or USDC/EURC on the back end for settlement — the user-facing experience may be unnoticeable.
- Within 30 days: Watch whether deposit currency options or exchange-rate spreads change — this is a signal that an issuer is quietly shifting its settlement path.
- Within 90 days: If you keep large USDT balances long-term on an EU-licensed platform’s balance account, watch for whether you’re asked to convert or withdraw.
To compare which cards are more stable for EU users, see U cards recommended for EU residents.
Historical comparison: how this differs from the 2023 USDC de-peg and the 2024 MiCA rollout
Two prior events are worth comparing here, but they are fundamentally different in nature.
The March 2023 USDC de-peg was a market liquidity event — the Silicon Valley Bank turmoil briefly trapped part of Circle’s reserves, and USDC dropped to around $0.88 at one point, recovering within days once the banking issue was resolved. That was sudden, reversible, and cleared within days.
This time is different: it is structural, predictable, and unfolding on a statutory timeline. MiCA’s EMT provisions took effect back in June 2024, the market has long anticipated this, and platforms like Binance had already adjusted some stablecoin trading pairs for EU users beforehand. So this won’t be an “overnight de-peg” style panic, but rather a slow, gradual squeeze-out — which is also why it’s easier for ordinary users to overlook.
What the two events share: both expose the underlying fact that “USDT/USDC are not fiat currency — behind them lies a relationship between the issuer and regulators.” What differs: the de-peg tested reserves, while MiCA tests authorization.
Compliance boundaries: clearly permitted / gray area / clearly restricted
- Clearly permitted: Self-custodying USDT in a non-custodial wallet — MiCA does not govern personal wallets.
- Gray area: EU users topping up a USDT card issued by a non-EU entity (such as some overseas issuers) with USDT — since the entity isn’t based in the EU, whether MiCA’s CASP obligations apply depends on whether it actively offers services to the EU public.
- Clearly restricted: A CASP-licensed EU platform offering trading services in unauthorized EMTs to EU users — this is the part MiCA directly tightens.
For more systematic regional rules, see the EU compliance guide.
Milestones worth watching next
- Whether Tether applies for or obtains EMT authorization in any EU member state — this is the global swing variable; once approved, most of the concerns above resolve themselves.
- Official announcements from issuers: Whether Wirex and Crypto.com update their USDT deposit/settlement terms for EU users.
- EURC and USDC’s share in the EU: Circle has already obtained an EMI license in the EU; if licensed platforms collectively shift toward authorized EMTs, USDT’s trading depth in the EU will decline further.
- Enforcement actions from ESMA / national regulators: Whether it’s a warning letter or an actual penalty will determine how quickly platforms act.
Editorial recommendations
- EU users who only hold USDT in a non-custodial wallet: No action needed — MiCA does not touch your self-custodied assets.
- Users mainly using Crypto.com Visa or Wirex who are used to topping up with USDT: Over the next 30 days, watch for changes in in-app deposit currency options and spreads, and get familiar with the USDC/EURC top-up path in advance. No need to liquidate now.
- Users who keep large USDT balances long-term on EU-licensed exchange balance accounts: Consider gradually moving funds to a self-custodial wallet or converting to a MiCA-authorized EMT to reduce the risk of a forced conversion.
- EEA users planning to newly apply for a non-EU-entity U card like RedotPay: Consider waiting roughly 30 days until the issuer gives clear guidance on its USDT policy for the EEA region before deciding.
In one line: this isn’t the “USDT banned in Europe” doomsday headline — it’s the long-term trend of “USDT being gradually squeezed out of mainstream trading pairs on regulated EU channels.” Once you understand the difference between the holding side and the spending side, headlines won’t rattle you.