ESMA’s opinion of 8 October 2026: what changes for USDT and its holders

What the opinion of 8 October 2026 says

The opinion bears the reference ESMA75-113276571-1742. Its subject is precise: the provision of crypto-asset services in relation to asset-referenced tokens (ARTs) and e-money tokens (EMTs) that do not comply with Regulation (EU) 2023/1114, known as MiCA.

Its conclusion is unambiguous: crypto-asset service providers (CASPs) must stop all services on these tokens for their EU clients. A single exception is tolerated: a residual, temporary exit from existing positions, without any promotion.

The issue is not new. As early as 17 January 2025, ESMA and the European Commission published guidance on non-compliant tokens, and ESMA was already asking CASPs to stop their services on these stablecoins. The 2026 opinion comes after the end of MiCA’s transitional period on 1 July 2026: it addresses a market in which every provider must now be authorised or notified.

Why USDT is affected

MiCA sorts stablecoins into two categories: e-money tokens (EMTs), which reference a single official currency, and asset-referenced tokens (ARTs). For an EMT, an offer to the public in the EU requires an authorised issuer (art. 48).

Tether, however, has no authorised issuer in the EU. USDT is therefore not a MiCA-compliant token, and services relating to it fall within the scope of the opinion.

USDC and EURC, by contrast, are e-money tokens within the meaning of MiCA, issued in the EU by a Circle subsidiary authorised in France as an electronic money institution. The opinion only targets non-compliant tokens, so it does not apply to them.

If you hold USDT

Holding USDT in a self-hosted wallet is not prohibited. The opinion is addressed to providers, not to individuals: no rule requires you to part with your tokens.

What changes is the service around them. Apart from the tolerated residual exit, no crypto-asset service provider in the EU should now offer you any service on USDT, whether conversion, custody or transfer.

If your platform offers a way out of existing positions, read its terms and its timetable: the tolerance is temporary. Be wary, on the other hand, of any service that keeps promoting USDT to EU clients: that is precisely what the opinion rules out.

Keeping tokens in self-custody also means being solely responsible for their safekeeping. Losing access to a wallet means losing its content, and a stablecoin can lose its peg to the currency it tracks.

USDC and EURC: two tokens, two currencies

USDC and EURC are examples discussed here to explain the difference between dollar and euro stablecoins. Neither is available for deposits at CryptoIBAN.

USDC aims to track the US dollar, while EURC aims to track the euro. This reference currency affects the exchange-rate exposure; it does not establish whether a token is supported by a payment service.

Neither is an investment: a stablecoin can lose its peg, and the protection offered by MiCA is limited. Choosing an asset is your decision; we do not give investment advice.

A good moment to check your platform

Since 1 July 2026, a crypto-asset service provider must be authorised (art. 59) or notified (art. 60) to serve clients in the EU. ESMA keeps an interim register of crypto-asset service providers.

Look up the legal entity that provides the service, not just the brand, then check with the national authority that authorised it. Our article MiCA: how to check a crypto provider sets out the method.

What it changes at CryptoIBAN

For the current CryptoIBAN deposit options, consult the asset and network catalogue. The payment modal specifies the asset, network and amount for each payment.

CryptoIBAN accepts USDT on Tron (TRC20) or Ethereum (ERC20), BTC on Bitcoin, ETH on Ethereum, and SOL on Solana. USDC and EURC deposits are unavailable.