EURC Explained: Circle's Euro Stablecoin and How Euro Stablecoins Work
6 min read
If you live in the EU and want to convert USDT to EUR, you have probably noticed that fewer authorised platforms will do it. That is not a glitch. Since early 2025, MiCA has required EU crypto providers to stop offering exchange services in stablecoins whose issuer is not authorised in the EU, and USDT is one of them. Holding USDT is not banned, but turning it into euros through a regulated European provider has become much harder.
This article explains what the rules say, what that means if you hold USDT today, and what the realistic options are.
Key takeaways
- Under MiCA, a stablecoin pegged to a single currency, such as USDT or USDC, falls into the e-money token category. It can be offered to the public in the EU only if the issuer is authorised in the EU.
- As of October 2026, ESMA's interim register lists Circle's European entity as an authorised issuer of USDC. It lists no Tether entity.
- ESMA expected providers to stop trading and exchanging non-compliant stablecoins by the end of the first quarter of 2025. A "sell only" window allowed holders to exit until then.
- Custody and transfer of these tokens can continue, so holding USDT is not illegal. Selling USDT for euros through an EU-authorised provider is what has largely disappeared.
- Through Quppy, USDT is unavailable in the EEA. USDC on Ethereum is available where supported.
Why converting USDT to EUR changed
MiCA, the EU's Markets in Crypto-Assets Regulation, has a specific category for stablecoins pegged to a single official currency: the e-money token, or EMT. Since 30 June 2024, an EMT can be offered to the public or admitted to trading in the EU only when its issuer is authorised there under Article 48(1). The authorised issuers are banks or e-money institutions, and they publish a white paper.
The open question in 2024 was whether a crypto exchange simply listing or swapping a stablecoin counted as "offering it to the public". In January 2025, ESMA and the European Commission answered it. According to ESMA's public statement of 17 January 2025:
- platforms operating a trading venue were expected to stop making non-compliant EMTs available for trading;
- reception and transmission of orders, execution of orders, and exchange of crypto-assets for funds or other crypto-assets were also expected to stop where they amount to an offer to the public;
- restrictions on services that help people acquire these tokens were expected by the end of January 2025;
- providers could keep a "sell only" service until the end of the first quarter of 2025, so investors could liquidate or convert their holdings;
- "mere custody and transfer" of these tokens should remain possible.
In other words, the regulation targeted the services around the token, not the people holding it.
Is USDT a non-compliant stablecoin?
The practical test is whether the issuer appears as an authorised EMT issuer in ESMA's interim MiCA register. As of October 2026, the register file, last updated on 22 October 2026, lists Circle Internet Financial Europe SAS, an e-money institution supervised by France's ACPR, as the issuer behind USDC's EU white papers. No Tether entity appears.
Tether has gone the other way in Europe: it wound down its euro stablecoin, EURt, and ended redemptions on 27 November 2025, with its CEO saying the company would prioritise other initiatives "until a more risk-averse regulatory framework in Europe is in place". We covered the broader shift in how MiCA reshapes stablecoins in Europe.
Is USDT banned in the EU?
No. Owning USDT, and storing or transferring it, is not illegal, and ESMA said custody and transfer should remain possible. What changed is that EU-authorised providers can no longer offer the services that amount to offering it to the public, which in practice includes exchanging it for euros.
You will still see platforms offering USDT to Europeans. Some operate through entities outside the EU, some serve a different set of customers, and some take a different view of their own activities. Before you rely on one, check which legal entity serves you and whether it appears in the ESMA register of authorised crypto-asset service providers. A platform that is not authorised in the EU gives you none of MiCA's conduct rules if something goes wrong.
How to convert USDT to EUR today: your realistic options
If you hold USDT and live in the EEA, here is how we would think about it.
1. Ask your current provider what it supports. If your USDT is already on an exchange, its current asset list and its notices from 2025 tell you what it can do. Some providers ran conversion programmes into compliant stablecoins during the transition. If USDT is no longer tradable there, the provider should explain what you can still do with the balance.
2. Do not send USDT to a provider that no longer supports it. A deposit address you used last year is not proof that the asset is still accepted. A deposit in an unsupported asset may not be credited, and recovery is not guaranteed.
3. If you are moving value into euros regularly, use a compliant stablecoin from the start. For new activity, a MiCA-compliant EMT such as USDC can be exchanged for euros by EU-authorised providers, because its issuer is authorised.
4. Check where you are actually served. The restriction applies to services provided in the EU. If you live outside the EEA, a different regime and different providers apply, and USDT may still be available.
Whichever route you take, converting USDT to EUR or into another asset is usually a disposal for tax purposes in EU countries. Keep a record of the date, amount and euro value, and check with a tax adviser where you live.
USDT and USDC in Quppy
Quppy follows the configuration of the crypto-service provider assigned to each account. For users in the EEA, that provider is Payhound Limited, a crypto-asset service provider authorised under MiCA by the Malta Financial Services Authority. Its stablecoin catalogue excludes USDT for EU and EEA clients.
So for an EEA-configured Quppy account, USDT is unavailable for buying, selling, exchanging, depositing, withdrawing and holding. Do not send USDT to a Quppy address unless the app shows USDT and the network as available for your account. If USDT is already associated with your account, check the in-app instructions or contact Quppy Support before doing anything. The full explanation is in why USDT is unavailable through Quppy in the EEA.
USDC on the Ethereum network is available through Quppy in the EEA where supported, and it can be exchanged with EUR for supported pairs, with the rate, estimated result and applicable costs shown before you confirm. Outside the EEA, USDT on Ethereum and TRON may be available, depending on country, provider and account.
USDC is not a bank deposit and is not guaranteed to stay at exactly one dollar. It is a different token from USDT, with a different issuer and different risks, and switching between them is a decision worth making deliberately.
FAQ
Can I convert USDT to EUR in the EU?
Not through most EU-authorised crypto providers. Since the end of the first quarter of 2025, they have generally been expected to stop exchanging stablecoins whose issuer is not authorised in the EU, which includes USDT. Holding and transferring it remain possible.
How do I sell USDT for euro if my exchange delisted it?
Start with your provider's notices and current asset list, which explain what it still supports for existing balances. Do not send USDT to platforms or addresses that no longer accept it.
Is USDT banned in Europe?
No. MiCA restricts which services EU providers may offer around non-compliant stablecoins. It does not make owning USDT illegal.
Why is USDC still available in the EU when USDT is not?
USDC's EU issuer, Circle Internet Financial Europe SAS, is authorised as an e-money institution and listed in ESMA's register as an EMT issuer. No Tether entity is listed.
Is converting USDT to EUR taxable?
In many EU countries, yes: disposing of a crypto-asset for euros can realise a gain or a loss. Rules differ by country, so check with a local tax adviser.