Recently, there was a wave of panic that Kraken was planning to remove USDT from its platform. However, the exchange soon issued assurances to the contrary. Kraken, a U.S.-based cryptocurrency exchange, has affirmed its commitment to keeping USDT listed in European markets despite impending regulatory changes regarding stablecoins. Mark Greenberg, Global Head of Kraken’s Asset Growth and Management Business, emphasized that the exchange will “continue to explore all options to offer USDT under the upcoming regime.”
Kraken to Maintain USDT Availability in Europe
As the cryptocurrency industry prepares for the Markets in Crypto Assets (MiCA) regulation, exchanges are evaluating their stance on stablecoins. Kraken, based in San Francisco, has made it clear that it will maintain the listing of USDT, the largest stablecoin, for its European users.
Mark Greenberg stated that Kraken “continues to list USDT in Europe” with “no plans to delist” the stablecoin at this time. He recognized the importance of USDT for European customers and mentioned that the company is considering various methods to keep the asset listed under the new regulations. MiCA will impose stringent requirements on stablecoins, including a cap on daily transactions, which could be challenging for Tether to meet.
Adapting to Regulatory Changes
Greenberg assured that Kraken would comply with all finalized regulations but noted that “the rules are not finalized yet.” He reiterated that Kraken would “do everything we can to continue to offer all relevant stablecoins to our European customers.” These remarks follow comments from Marcus Hughes, Kraken’s Global Head of Regulatory Strategy, who indicated the company is “actively reviewing” its Tether strategy in light of MiCA. Hughes mentioned that Kraken is preparing for all possible scenarios, including the potential delisting of USDT if necessary.
Industry-Wide Adjustments
While Kraken plans to retain USDT, other exchanges are adjusting their offerings to align with MiCA. For example, Okx is preparing to phase out USDT-based trading pairs to enhance compliance with European regulations.
Kraken’s proactive approach reflects its commitment to providing stablecoin options to its European customers while navigating the evolving regulatory landscape.
