The European Securities and Markets Authority has given crypto firms operating under the European Union’s Markets in Crypto-Assets framework three months to resolve clients’ remaining exposure to stablecoins that do not comply with MiCA requirements.
ESMA published its opinion on Oct. 8. It says national regulators should require firms to remediate legacy holdings as soon as possible and no later than three months after publication—approximately Jan. 8, 2027.
The measure focuses on services provided by MiCA-authorized crypto-asset service providers in the EU. It does not create a worldwide prohibition on owning affected stablecoins, nor does it name a particular token or issuer. However, the opinion could significantly affect how regulated platforms handle existing customer balances and transfers.
According to CryptoSlate, national supervisors may allow firms to offer a narrow set of services for an orderly wind-down. These may include selling or liquidating existing holdings, converting them into another asset, withdrawing them, transferring them or keeping them in custody.
What the 90-day timetable means
The deadline applies to the remediation of legacy exposure found by national regulators. It does not automatically guarantee customers three additional months of uninterrupted access to every service. Each national supervisor will decide whether a provider may offer limited exit arrangements.
Where such services are permitted, they must be restricted in scope, communicated clearly to clients and closely supervised. They cannot be used to support new purchases, promotion, active distribution or the continued availability of the non-compliant stablecoin in the market.
That distinction is important for holders. A platform could potentially be allowed to let existing customers withdraw or convert their balances without being permitted to accept new deposits or offer trading pairs. The precise services available will depend on the provider and the relevant national regulator.
ESMA’s legal reasoning is based on Article 66(1) of MiCA, which requires crypto-asset service providers to act in their clients’ best interests. The watchdog says that offering any MiCA service involving a non-compliant stablecoin should be presumed incompatible with that obligation. This applies regardless of whether the particular service amounts to a public offer or an admission to trading.
Why custody and transfers are also affected
The latest opinion goes beyond the most obvious restriction on trading. ESMA says providers cannot adequately address the risks arising from missing safeguards at the stablecoin issuer level. In its view, warnings, disclosures and acknowledgments from customers would not be enough to remove those concerns.
As a result, services such as custody and transfers may also fall within the presumption that servicing a non-compliant stablecoin conflicts with a provider’s duties. At the same time, supervisors can authorize those services temporarily when they are necessary to help customers exit their positions in an orderly way and avoid client harm.
The opinion builds on ESMA’s statement of Jan. 17, 2025. That earlier guidance left room for custody and transfers while limiting trading and other services that amounted to public offers. The new document keeps that earlier interpretation of public offers but adds expectations linked to providers’ broader obligations under MiCA.
ESMA had already called for legislation that would prohibit all licensable services involving non-compliant stablecoins in its response to the MiCA review on Sept. 30. That request did not include an implementation date or a process for winding down existing positions. The October opinion supplies a timetable and a supervised exit framework under obligations that already apply.
What it could mean for stablecoin users
The opinion does not identify specific assets. Tether’s USDT, however, is among the stablecoins that Coinbase’s guidance for retail customers in the European Economic Area labels as non-compliant with MiCA. Kraken’s guidance, updated April 13, lists USDT among stablecoins removed from EEA trading while still allowing deposits and withdrawals, although it discourages deposits.
The regulatory question is therefore broader than whether an exchange has removed a USDT trading pair. If a MiCA-authorized provider continues to offer other services connected with a non-compliant token, those services may need to fit within a narrowly defined and supervised wind-down arrangement.
For customers holding an affected stablecoin through a regulated EU firm, the practical outcome will depend on three factors: the platform’s policy, the services approved by its national supervisor and the timing of any remediation request. Customers should not assume that all firms will provide the same withdrawal, conversion, transfer or custody options.
The opinion concerns access through regulated EU providers. It does not itself amount to a global ban on holding USDT or another stablecoin outside that regulated-service context.
Current market picture
Moneyiar market data recorded at 11:14 on Oct. 9, 2026, showed the following prices and performance:
- Stable (STABLE): $0.0253210471, down 3.34% over 24 hours and 10.38% over seven days.
- Monad (MON): $0.0245379199, down 3.05% over 24 hours and 27.52% over seven days.
- Compound (COMP): $23.8266131004, down 0.41% over 24 hours and 2.9% over seven days.
- SuperVerse (SUPER): $0.2231165304, down 4.67% over 24 hours and up 0.06% over seven days.
These figures are Moneyiar data at the stated time and are separate from ESMA’s regulatory opinion.
