Yahya 
A major shift of stance has been recently declared by Coinbase as to its services provided to the subjects in the EEA because the company will no longer regulate stablecoins requiring no approval from the competent authorities. This decision has come in anticipation of the full implementation of the MiCA regulations by the EU that is set to impact the EEA region as a whole including Iceland, Norway, and Liechtenstein which are members of EEA but are not EU members.
MiCA regulations, which are to be fully effective by the end of the year, called for stablecoins providing services in the region to be approved as “e-money” by at least one member state. Creating awareness, as a measure of business compliance, Coinbase intends to remove from its platform any stablecoin that does not meet these regulatory requirements from December 30, 2024.
Regarding the payment suspension issue, Coinbase also expressed its policy compliance orientation; and the detailed explanation will be released in November. It also sought to convince users that they will have the choice of swapping delisted stablecoins into assets that fit the MiCA definition like USDC or Circle’s euro-pegged stablecoin.
One of the key queries is the prospect of USDT as the largest stablecoin with $119 billion in market capitalization. The issuer of USDT, tether, often came under fire for its regulatory status, as it is registered in the British Virgin Islands. Although, Coinbase has not offered much detail on whether USDT will be impacted by the new policy or not the future of USDT remains uncertain which has been a major talking point in the crypto sphere.
This step proves that Coinbase is not waiting for regulatory actions asserting itself and seeking permission in the EU as the sector evolves.
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