While responding to the latest regulations under the Markets in Crypto Asset Regulation of the European Union, Coinbase has started delisting non-compliant stablecoins. The crypto exchange is delisting the stablecoin $USDT due to their non-compliance with MiCAR in Europe while the leading blockchain platform Algorand is moving forward with $EURD and $USDCa, which are compliant with the MiCAR regulations. The platform announced this development on its official social media account.
🇪🇺 @coinbase is delisting stablecoins in Europe that don’t comply with MiCAR regulations, like $USDT from Tether
On #Algorand, two MiCAR-compliant options are available to 450 million Europeans:
1. $USDCa by @Circle 💵
🔹Algorand is one of the few non-EVM chains natively… pic.twitter.com/9kqEKjyY5e
— Algorand Foundation 🐍 (@AlgoFoundation) October 7, 2024
Algorand Introduces $EURD and $USDCa as Compliant Stablecoins in Europe
Algorand Foundation noted that the delisting focuses on reforming the wider digital-asset landscape across Europe, particularly for 450M citizens. Nonetheless, the introduction of $EURD and $USDCa delivers regulated and secure options for users in Europe.
$USDCa of Algorand is released by Circle as a completely compliant version of the broadly known USDC Coin. Algorand stands among the few non-EVM blockchains that natively back it. More than, $114M in $USDCa is currently circulating while demand rises because consumers pursue compliant and stable alternatives to replace delisted tokens.
The technical strengths of the Algorand blockchain include rapid transfer finality, broad exchange support on Binance and Coinbases, and low fees. These factors turn $USDC into a significantly attractive option for European residents requiring dollar-based stablecoins. Apart from $USDCa, Algorand also offers $EURD of Quantoz. It is a completely regulated digital version of the euro. $EURD maintains a 1:1 ratio in its peg with the euro while imposing no transfer fees. This makes it a preferred choice for daily and micro transfers.
The Newly Unveiled Stablecoins offer Secure, Scalable, and Compliant Digital Assets for European Users
The above-mentioned 2 stablecoins place Algorand among the leading players in the evolving crypto sector in Europe. They offer secure, scalable, and compliant digital assets, aligning with the stringent regulatory agenda of the regions under MiCAR.
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