European retail customers holding Tether's USDT on Coinbase have three days left to act: the exchange set an October 30 cutoff for 14 MiCA-restricted assets. Remaining balances will be converted into USDC or another supported asset at market rates, unless users withdraw them to an external wallet first.

The list covers USDT, PayPal's PYUSD, World Liberty Financial's USD1, DAI, PAX, GUSD, GYEN, BUST, UST, RAI, PAXG, MUSD, USDS and TGBP. Purchases, sales and conversions of these tokens are already restricted. Coinbase cites MiCA: the transitional period for stablecoin issuers expired on July 1, 2026, without an extension.

Deposits of these assets sent after October 30 will not be credited and are excluded from the conversion; recovery is not guaranteed and costs 5% above $100.

The cutoff comes well ahead of ESMA's outer deadline of January 8, 2027, and channels European balances toward Circle's USDC. Coinbase has not disclosed the value of affected holdings, and conversions completed under the deadline will not be reversed if issuers later gain authorization.