Coinbase Gives European Customers Until October 30 to Withdraw Balances in Affected Stablecoins
Key Facts
Coinbase has given retail customers in the European Economic Area until October 30, 2026, to withdraw balances in stablecoins affected by MiCA rules, saying any balance remaining after the deadline will be converted automatically. The notice gives customers time to decide what to do with their assets before the conversion, which could change the currency they hold on the platform. The company says buying, selling and converting these assets through Coinbase is restricted, and withdrawal to an external wallet is the available option for those who want to continue holding them. That option remains subject to support for the asset and network, according to the platform’s notice. The notice does not specify the time the conversion will be carried out on October 30.
Coinbase’s list of affected assets includes USDT, PAX, PYUSD, GUSD, GYEN, DAI, BUST, UST, RAI, PAXG, MUSD, USD1, USDS and TGBP. The list includes tokens linked to the dollar as well as other tokens, so the move is not limited to USDT alone. Coinbase says it can no longer support stablecoins whose issuers have not obtained a license under MiCA, while listing these assets among those affected by the regulation. Coinbase Luxembourg S.A. provides crypto-asset services to customers in the European Economic Area and is licensed under MiCA by Luxembourg’s financial regulator. The notice applies to retail customers, the company said.
Coinbase will carry out the conversion at the prevailing market rate when it is executed, rather than at a fixed rate announced in advance. The company says USDC will be the conversion destination where appropriate. If it is not appropriate, the balance may be converted into another crypto asset or currency supported by the platform. What the customer receives will therefore depend on the market rate at the time of execution and the conversion destination Coinbase determines under its stated suitability condition. The company does not state in the notice the total value of balances that may be subject to the process.
Assets sent to a Coinbase account after October 30, 2026, will not be credited to the account or appear in the balance. They also will not be available for trading, conversion or transfer, and will not be included in the automatic conversion. The company says recovery of some of these assets may be technically possible through its unsupported-asset recovery process. But the process does not work with every asset or network, and recovery is not guaranteed. The notice therefore warns against sending affected assets to the platform after the deadline.
Coinbase says the MiCA transitional period for stablecoin issuers ended on July 1, 2026, and was not extended, and that it can no longer support coins whose issuers have not obtained a license under the regulation. In the stablecoin market, a study by Coinbase and The Block Pro Research published on October 20 found that average organic transfer activity exceeded $400 million per hour in the third quarter of 2026. Adjusted stablecoin transaction volume reached $891 billion in the same quarter. In daily market activity, USDT closed at $0.9989 on October 27, 2026, and then at $0.99891 on October 28. Coinbase warns that converting one crypto asset into another may be a taxable event in some jurisdictions, and makes customers responsible for determining and meeting their tax obligations. If an affected stablecoin becomes MiCA-compliant, Coinbase will reassess its support in the future, but any change will not reverse a conversion that has already been completed.