ESMA gave crypto platforms three months to stop serving EU clients in stablecoins without MiCA authorization, setting a January 8, 2027 deadline.

In a formal opinion to national regulators, ESMA says platforms should not let EU clients buy, trade, swap or add to such tokens, and that warnings or disclosures are not enough. Only a time-limited wind-down is allowed: selling, converting, withdrawing, transferring or holding existing tokens. The opinion names no tokens, but CoinDesk points to Tether’s USDT and PayPal’s PYUSD as prominent examples.

The rule covers every MiCA service, from trading and exchange to custody, transfers and portfolio management.

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