If you use stablecoins like USDT or USDC, you need to know about major changes in 2024-2025.
Here's the short version:
Let's break down what happened and what you can actually use where.
| Region | USDT | USDC | DAI |
|---|---|---|---|
| EU | ❌ No trading | ✅ OK | ❌ Delisted |
| USA | ⚠️ Banned in NY only | ✅ OK | ✅ OK |
| Japan | ❌ Not approved | ✅ OK (approved 2025) | ❌ Not approved |
| Singapore | ⚠️ Regulated | ✅ OK | ✅ OK |
| Hong Kong | ⚠️ License required | ✅ OK | ✅ OK |
| South Korea | ⚠️ Rules coming | ⚠️ Rules coming | ⚠️ Rules coming |
| China | ❌ Banned | ❌ Banned | ❌ Banned |
| UAE | ✅ OK | ✅ OK | ✅ OK |
The EU started enforcing MiCA (Markets in Crypto-Assets) on December 30, 2024. The key rule: stablecoin issuers must get licensed in Europe.
Circle (makes USDC) got a license in France. So USDC still works in the EU.
Tether (makes USDT) didn't apply. They thought the EU rules were too strict. So Binance, Coinbase, and Kraken stopped letting European users trade USDT.
| Requirement | What It Means |
|---|---|
| 100% reserves | Issue $1 coin → hold $1 in real assets |
| EU bank deposits | Keep 30-60% of reserves in EU banks |
| Usage limits | Over 1M transactions/day or €200M? Scale back |
Tether's CEO pushed back: "Putting 60% in EU banks is actually risky. If a bank fails, deposit insurance only covers €100,000."