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Ripple Partner Uphold To Delist These Stablecoins Ahead MiCA

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10 months ago

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Uphold, a crypto exchange headquartered in New York and a Ripple On-Demand Liquidity (ODL) partner, has announced plans to remove support for multiple stablecoins. The affected stablecoins include Tether (USDT), Dai (DAI), and Frax Protocol (FRAX). This move is in anticipation of the forthcoming Markets in Crypto Assets (MiCA) regulations set to take effect in the European Economic Area (EEA).

Uphold Decides To Delist Various USD Stablecoins

Antony Welfare, who is the CBDC Strategic Advisor at Ripple, shared Uphold’s notice about the delisting. Additional stablecoins affected by this decision include Gemini Dollar (GUSD), Pax Dollar (USDP), and TrueUSD (TUSD). Effective July 1, 2024, these digital assets will no longer be accessible on the Uphold platform.

Hence, customers holding any of these stablecoins are advised to convert their assets by June 27, 2024. If not converted by this date, the stablecoins will automatically be changed into USD Coin (USDC) on June 28, 2024. This proactive measure by Ripple partner Uphold aligns with the MiCA regulation.

The upcoming regulation marks a significant shift in the regulatory landscape for stablecoins within the EEA, taking effect on June 30, 2024. Moreover, Uphold’s decision mirrors similar actions taken by other major exchanges like Binance, OKX, and Kraken. These crypto exchanges are currently adjusting their operations to comply with MiCA requirements.

Furthermore, as USD-backed stablecoins are facing heat in Europe, the EUR stablecoins are expected to flourish. The adoption of EUR stablecoins might increase in the European region. However, USD stablecoins are anticipated to dominate the global share.

Also Read: Ripple CEO Hints At Massive Pro-Crypto Funding In US Presidential Election

Reforms By Other Exchanges

Binance, for example, has implemented a sell-only policy for unauthorized stablecoins. In addition, the exchange has imposed additional restrictions across its services to meet the new regulatory standards. Earlier this year, OKX ceased support for USDT trading pairs within the European Union but continues to offer trading for other stablecoins such as USDC and pairs based on the euro.

Meanwhile, Kraken is in the process of reviewing Tether’s compliance under the new EU regulations. The exchange has not yet decided on the future listing of USDT, as it is still assessing the potential implications of MiCA. The MiCA framework mandates that stablecoin issuers operating in the EU must obtain licenses as Electronic Money Institutions (EMIs) or as credit institutions.

This requirement has introduced a degree of uncertainty for several stablecoins currently in use. However, stablecoins backed by the euro are anticipated to benefit and thrive under the new regulatory environment. MiCA’s stablecoin regulations are poised to enhance the legal and operational transparency of the cryptocurrency market in the EEA.

Also Read: Tether Launches First Gold-Backed Over Collateralized Asset

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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US Senate Banking Committee Approves Paul Atkins Nomination For SEC Chair Role

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3 hours ago

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April 3, 2025

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The U.S. Senate Banking Committee has voted to approve Paul Atkins’ nomination for the role of Chair of the Securities and Exchange Commission (SEC). The vote, which took place on Thursday, passed with a narrow margin of 13-11, along party lines.

Paul Atkins, nominated by President Donald Trump, now moves one step closer to taking over the top regulatory position at the US SEC.

Senate Banking Committee Approves Paul Atkins Nomination

Paul Atkins’ nomination for SEC Chair has received approval despite sharp opposition from Democratic members of the Senate Banking Committee. The vote was entirely split, with Republicans supporting Atkins and all Democrats opposing the decision.

This partisan divide highlights the contentious nature of Atkins’ confirmation, which had been under scrutiny for several reasons.

The committee’s approval now clears the path for Atkins to proceed to the full Senate for a final confirmation vote. Given the Republican-controlled Senate, it is widely expected that Atkins will secure the necessary votes to take over the SEC leadership. With Republicans holding a 53-47 majority in the Senate, the confirmation process is anticipated to move forward swiftly.

This Is A Developing News, Please Check Back For More

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Kraken Obtains Restricted Dealer Registration in Canada

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1 day ago

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April 2, 2025

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Cryptocurrency exchange Kraken has obtained a Restricted Dealer registration in Canada. The registration comes after completing a pre-registration undertaking (PRU) process with Canadian authorities.

The exchange has also announced the appointment of Cynthia Del Pozo as its new General Manager for North America. Del Pozo will oversee Kraken’s growth initiatives in Canada.

Kraken Completes PRU Process In Canada

Kraken’s Restricted Dealer registration marks the completion of a thorough pre-registration undertaking (PRU) process with Canadian regulators. The registration places Kraken under the supervision of the Ontario Securities Commission (OSC). This oversight ensures users have access to secure crypto products within a properly regulated local ecosystem.

According to the Canadian Securities Administrators (CSA), the Restricted Dealer registration is one of eight firm registration types in Canada. This particular classification is used for firms that “do not quite fit under any other category.” It also comes with specific requirements and conditions set by securities regulators.

Kraken’s regulatory achievement comes during a period of change in the Canadian crypto sector. Just months earlier, competitor Gemini exchange announced its departure from the Canadian exchange market by the end of 2024. This was a move that surprised many and raised questions about cryptocurrency regulation clarity in the country.

Kraken Introduces New Canadian GM

Del Pozo has joined Kraken to lead its Canadian operations as the new General Manager for North America. She has nearly 15 years of experience in corporate development, operations, and fintech consulting. Del Pozo will help to guide Kraken’s expansion across Canada during this important phase of crypto’s development in the region.

“Canada is at a turning point for crypto adoption, with a growing number of investors and institutions recognizing digital assets as a vital part of the financial future. I’m thrilled to join Kraken’s mission at this critical moment, and to lead our expansion efforts, ensuring we continue to serve our clients long-term with innovative and compliant products,” said Del Pozo.

In her role, Del Pozo will focus on strengthening Kraken’s regulatory relationships and also scaling the company’s presence throughout North America.

Del Pozo also commented on the registration achievement: “This Restricted Dealer registration is testament to the high bar Kraken has always set for consumer protection, client service, and robust security. We’re excited to continue expanding our world-class investment platform and to deliver innovative products that provide real-world utility to Canadians.”

The Exchange’s Continued Growth In Canada

Over the past two years, the cryptocurrency exchange has shown steady expansion in Canada while working through the PRU process with regulators. During this period, the exchange has doubled its team size and monthly active users.

According to the official blog post figures, the firm now has more than $2 billion CAD in total client assets under custody. Kraken has also increased support for some of the most popular cryptocurrencies. It provides several CAD spot trading pairs that enable Canadians to trade crypto without paying expensive foreign exchange fees.

According to Innovative Research Group’s 2024 Investor Survey, 30% of Canadian investors currently own or have owned cryptocurrencies. Likewise, a KPMG Canada survey discovered that 30% of Canadian institutional investors now have exposure to cryptocurrencies, which means widespread adoption across investor types.

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USDC Issuer Circle Set To File IPO In April, Here’s All

Published

3 days ago

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March 31, 2025

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USDC issuer Circle is reportedly set to file its initial public offering (IPO) in April as part of the firm’s plans to finally go public. The stablecoin issuer is allegedly already working with top financial institutions to achieve this move.

Circle To File IPO In Late April

According to a Fortune report, Circle is looking to file its IPO in late April, although the listing period remains uncertain. The report noted that when a company files to go public, its shares usually begin trading four weeks later, indicating that the listing could occur in May. However, there is also a scenario where the IPO process could drag on for months.

The stablecoin issuer is reportedly working with investment banks JPMorgan Chase and Citi to achieve its long-anticipated IPO. The firm had previously tried to go public in 2021 under a SPAC arrangement with a shell company.

The US SEC failed to sign off on this arrangement back then, and the company eventually scrapped these IPO plans by the end of 2022 when the crypto exchange FTX collapsed and the broader crypto market experienced a downturn.

Revelation about Circle’s IPO plans comes just days after the stablecoin issuer partnered with NYSE’s parent company to explore USDC’s use in traditional finance (TradFi). Meanwhile, the USDC stablecoin recently launched in Japan following approval from the country’s regulator. Notably, USDC is the first and only global dollar stablecoin approved under Japan’s stablecoin framework.

An Easier Path Now For The Stablecoin Issuer

Circle will likely face less resistance for its IPO plans under the current SEC administration. Under acting Chair Mark Uyeda, the Commission has shown its willingness to work hand in hand with crypto firms, which was missing under Gary Gensler’s administration.

US SEC Chair nominee Paul Atkins has also shown his willingness to change the approach that Gensler’s administration adopted towards crypto firms. During his nomination hearing, the SEC Chair nominee promised to prioritize providing regulatory clarity for the industry.

Circle’s IPO listing would be the biggest since the top crypto exchange Coinbase went public in 2021. Interestingly, Coinbase owns an equity stake in the crypto firm.

The firm’s USDC is currently the second-largest stablecoin by market cap, only behind Tether’s USDT. The stablecoin industry is heating up as more financial institutions look to develop their own stablecoin.

Donald Trump’s World Liberty Financial recently revealed plans to launch its USD1 stablecoin, while asset manager Fidelity is also considering doing so.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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