USDT and MiCA: Why USDT Was Delisted in the EU and Where USDC Fits

Since the end of March 2025, EU crypto providers have no longer offered trading in stablecoins whose issuers are not authorised under the Markets in Crypto-Assets Regulation (MiCA). That deadline came from guidance that ESMA and the European Commission published in January 2025, and it is why USDT disappeared from most European platforms.

For crypto users the change is narrower than many headlines suggested. Holding USDT is not illegal. What changed is what an authorised EU provider may offer: under MiCA, a stablecoin that references one currency is an e-money token, and its issuer must be authorised in the EU as a credit institution or an e-money institution. Tether, the issuer of USDT, is not. Circle, the issuer of USDC, issues USDC in the EU through Circle Mint France, an e-money institution licensed in France, so USDC remains available on regulated European platforms.

A Historic Shift in Stablecoin Policy

MiCA was created to bring the fragmented European crypto market under one unified regulatory framework. One of its core focuses is stablecoins, which until now have operated in a legal gray zone — some issued offshore, many lacking transparency, and few held to rigorous reserve standards.

Now, that is over.

Under MiCA:

• Stablecoin issuers must be licensed in the EU or operate through regulated entities.
• Tokens must be fully backed by liquid reserves, with strict redemption guarantees.
• Regular attestations and disclosure obligations are mandatory.
• Consumer protection and AML/CTF rules apply equally across all member states.

The result is a significant narrowing of the playing field. USDC is the largest dollar stablecoin whose issuer is authorised in the EU; other authorised issuers, including several euro stablecoins, appear in ESMA's register of e-money token issuers. See EURC and other euro stablecoins.

Why USDC Is the Last Stablecoin Standing in Europe

Issued by Circle, a regulated U.S. financial technology company, USDC has been engineered from the beginning for transparency, legal compliance, and institutional trust. It has become the global benchmark for compliant stablecoins, and MiCA has only reinforced that status.

Quppy x Circle: A Strategic Alliance for the New Era

Quppy is a technology provider, not a bank or a licensed crypto company itself, and is listed in Circle's Alliance Directory as a business using USDC. In the EEA, crypto services available through Quppy are provided by Payhound Limited, a crypto-asset service provider authorised under MiCA by the Malta Financial Services Authority, and USDC on the Ethereum network is available there for eligible users.

Whether you want to:

• Hold digital assets with stable value
• Transfer funds instantly across borders
• Swap crypto and fiat from the same app
• Use a compliant stablecoin for DeFi or e-commerce

USDC on Quppy is your secure and compliant solution.

What Makes Quppy the Smartest Way to Use USDC in Europe?

Quppy offers more than just support for USDC — it provides a complete financial ecosystem:

• Custodial crypto wallet and EUR/GBP account experience in one app
• Exchange between USDC and EUR or GBP where the pair is available, with the rate shown before you confirm
• Crypto services in the EEA provided by Payhound Limited, authorised under MiCA
• Identity verification and transaction checks built into onboarding
• Intuitive user interface designed for everyone

Manage USDC and fiat in one crypto wallet with EUR/GBP IBANs and SEPA transfers in-app.

Can you still buy USDT with euros in the EU?

Usually not from an authorised EU provider. Since ESMA and the European Commission's guidance took effect at the end of March 2025, providers authorised under MiCA should not offer trading or exchange services for USDT, so most no longer let you buy USDT with euros. That is a restriction on providers, not a ban on owning USDT: if you already hold some, you can keep it in a wallet you control or sell it for euros where a provider still allows that.

Through Quppy, USDT is not available to users in the EEA. Outside the EEA it can be available on the Ethereum and TRON networks, depending on your country. If you need a dollar stablecoin inside the EU, USDC is the usual alternative; compare them in USDC vs USDT, and see USDT to EUR after MiCA for converting an existing balance.

Looking Ahead: MiCA Is Just the Beginning

The implementation of MiCA’s stablecoin provisions is only the first phase of broader digital asset regulation in Europe. Future rules will address decentralized finance (DeFi), NFTs, and staking. In this evolving legal environment, platforms that are already compliant are positioned to lead the next wave of innovation.

Quppy is one of those platforms.

Move Forward with Confidence

MiCA has reset the rules for stablecoins in Europe. While many providers are forced to adjust or step back, Quppy is already prepared. With its partnership with Circle, Quppy is proud to continue offering USDC as a secure, reliable, and compliant stablecoin for the European market.

If you’re based in the EU and want to keep using a dollar stablecoin, USDC through Quppy is one option to consider; check availability for your country first, and remember that a stablecoin is not a bank deposit.

Get started today. Explore USDC with Quppy. Experience digital finance built for the new era.