Kraken to shutter Tether trading in Europe by March 31

Kraken has announced plans to end support for Tether’s token and other non-compliant stablecoins for European clients.

The crypto exchange will delist the $140 billion U.S. dollar stablecoin Tether (USDT) by March 31, due to new regulations established by the European Union.

News of this decision first surfaced last May when the platform was reportedly “actively reviewing” a potential USDT suspension in Europe, citing rules from the bloc’s Markets in Crypto Assets Regulation framework.

In an email to clients, Kraken confirmed that it will delist USDT, Tether’s euro stablecoin, PayPal’s PYUSD, UST, and TUSD for users in the European Economic Area.

While these changes weren’t needed until this point, recently updated guidance from European regulators led us to this decision to delist these assets to ensure our clients have enough time to take necessary action.

Kraken email

Kraken is the third major crypto exchange to announce Tether’s delisting based on the Markets in Crypto Assets Regulation framework. Coinbase and Crypto.com have also shared plans to end support for crypto’s largest stablecoin in Europe.

While the wave of delistings continues, Tether’s strong profits and expansion efforts may help cushion potential losses from the European market. The firm reported a record $13 billion in net profits in 2024, supported by an all-time high in U.S. Treasuries held as reserves for its stablecoin.

Bitcoin-friendly nation El Salvador also opened its doors to Tether, allowing the group to establish its new headquarters in Central America.