Title: Coinbase will be removed from USDT and DAI on October 30: Things to focus on before the deadl

Please note for users holding USDT, PYUSD or DAI: Coinbase will force the transfer of balances before October 30, 2026

If you hold stablecoins such as USDT, PYUSD or DAI in your Coinbase account, you must transfer these balances out before October 30, 2026 . After this date, the exchange will automatically convert any remaining positions to its own stablecoin USDC. If relevant tokens are transferred to your Coinbase account after the deadline, they will not be counted towards the balance.

Currently, customers in the European Economic Area (EEA) are no longer able to buy, sell or exchange these stablecoins, and withdrawals are the only operating channel currently reserved. This was not an independent decision by Coinbase, but was based on the European Union's Cryptographic Asset Markets Regulation (MiCA) and the opinion issued by the European Securities and Markets Authority (ESMA) on October 8, 2026. The exchange's move is aimed at setting its own deadlines ahead of schedule to circumvent the final deadline set in Europe.

List of affected stablecoins

According to Coinbase official information, the affected tokens include Tether (USDT), PayPal USD (PYUSD), Dai (DAI), Pax Dollar (PAX), Gemini Dollar (GUSD) and GYEN. The help page also lists other tokens that are not detailed here. What these tokens have in common is that are not authorized by MiCA and are neither asset-referenced tokens nor e-money tokens.

• E-Money Token: A stablecoin that tracks the value of a single fiat currency, such as the euro or the dollar. Issuing such tokens in the EU requires permission from an electronic money institution or credit institution and ensures that the holder can be redeemed at face value at any time.
• Asset-Referenced Token: refers to a token that tracks multiple currencies, commodities, or baskets of crypto assets and requires separate authorization.

The difference between these two types of tokens may seem technical, but it determines regulatory ownership and reserve obligations. The key consequence for holders is that unauthorized providers are not allowed to provide or trade these tokens within the EU. You can check the regulator's public registry to find out which euro and dollar tokens are currently still traded in Europe.

Market Impact and Scale

This move has far-reaching implications. Data as of October 10, 2026 (source: CoinGecko) shows:

• USDT: has a market capitalization of approximately US$184 billion and is the largest stablecoin and third among all crypto assets.
• USDC: Coinbase converted it into a target token with a market value of approximately US$73 billion.
• DAI: has a market value of approximately US$4.6 billion.
• PYUSD: has a market value of approximately US$2.9 billion.
• GUSD and PAX: have market capitalizations of US$36 million and US$25 million respectively, belonging to niche products.

The final withdrawal deadline is October 30, 2026

Coinbase has implemented restrictions in stages. Currently, the trading, purchasing and redemption functions of EEA accounts are closed. Until October 30, 2026, users only retain the right to send tokens to other addresses.

Operating precautions:

1. Confirm chain compatibility: The recipient address must support the corresponding blockchain network. USDT may exist on Ethereum, Wave Field, Solana or other networks, and if sent to the wrong chain, funds will not be recovered.
2. Reserve buffer time: Withdrawal usually requires two-factor authentication (2FA). For large withdrawals or newly added addresses, exchanges may set a 24 to 72-hour freeze period. If you don't operate until October 29, you may fall into a waiting period and miss the deadline.

Remaining positions will be automatically converted to USDC

Balances remaining in the account after October 30 will be automatically converted to USDC by Coinbase whenever technically feasible. Your balance will not disappear, it will only change form. Since both are anchored in the U.S. dollar, the conversion ratio is usually close to 1:1, which is a manageable change for most holders.

Two risks to be concerned about:

1. Timing is out of control: Automatic conversion means you have no control over execution times and exchange rates. Although stablecoins are usually held at around US$1, if the token deviates from parity, the spread may have an impact.
2. Issuer Change: After conversion, you will hold tokens regulated by different issuers, different reserve mechanisms, and different regulatory agencies.

Suggestions for handling small balances

For small balances left by old transactions, the withdrawal cost needs to be weighed. Ethereum network fees could swallow up the remaining few euros. In this case, automatic conversion to USDC or direct sale to euros is often more cost-effective than transfer money, as the transfer cost can be higher than the balance itself.

Transfers received after the deadline will not be credited

This is the most easily ignored and costly part of the entire change: Relevant tokens sent to Coinbase deposit addresses after October 30, 2026 will no longer be credited to the account balance.

If you have saved your old USDT deposit address in other services, payers, or withdrawal configurations, be sure to update it in advance. This situation is not limited to direct transfers, but also includes regular withdrawals from other exchanges, market gains, loan contract repayments, etc. Historical experience shows that many users only discover that funds have not arrived when checking their accounts.

Background: MiCA regulations and ESMA opinion

ESMA issued an opinion on October 8, 2026, setting an upper limit for national regulators: By January 8, 2027 at the latest , authorized providers within the EU must clear residual stablecoins that do not meet MiCA requirements. Regulators in various countries can set an earlier date, but no later than this deadline.

该范围比单纯的“下架”更为广泛，涵盖交易平台、交换服务、订单执行、投资建议和托管服务。在监管机构看来，警告通知或客户确认不能替代MiCA对发行人施加的保护性规定。这也解释了为何Coinbase行动如此迅速——若等到12月开始清理，需在数周内完成所有产品和客户的清算，而10月30日的截止期为交易所提供了约十周的缓冲期。

关于DAI的特殊情况

DAI被列入清单令人意外。DAI没有背后的公司发行，它是由协议生成的：用户存入抵押品并在其中生成DAI。因此，没有公司可以申请授权，也没有监管机构可以审查的传统意义上的储备金。

从实际后果来看，MiCA将义务附加给发行人和在欧盟提供代币的个人。由于缺乏符合义务的实体，授权提供商只能选择退出。这种去中心化创建的稳定币在欧洲市场处于结构性劣势，且无法通过协议手段解决。

评估与建议

此次变更使欧洲市场的选择明显收窄至少数几种获得授权的欧元和美元代币，目前最大的受益者是USDC。然而，市场高度集中于单一发行人也带来了新的集中度风险：持有USDC的用户依赖于其储备、银行和监管机构。这不构成对任何代币的投资建议，在任何情况下，加密资产仍存在归零的可能。

税务处理

在德国税法下（《收入税法》第23条），一种加密资产兑换为另一种视为处置行为。即使由交易所触发而非用户主动操作，税务性质不变。对于稳定币而言，损益通常微乎其微，因为买卖价格均接近1美元。但如果用户在欧元汇率显著不同时买入USDT，可能会产生汇率差异导致的应税收益。

文档记录至关重要：请记录转换发生的时间、数量及结算汇率。若后期缺失记录，您需要解释这笔非本人发起的交易。是否适用免税阈值及如何在税表中申报，建议咨询税务专业人士。

截止前的三种应对方案

1. 提款至自有地址（自托管）
保留代币，摆脱对欧洲特定交易所政策的依赖。代价是自行保管私钥的责任。务必确认正确的链，大额操作前建议先发送少量测试金额。

2. 兑换为授权代币
如果仅需在两笔交易间暂存美元价值，可在截止前手动切换至USDC或其他授权欧元代币。这与自动转换类似，但您可掌控时机。

3. 出售为欧元
最直接的方式，适合需要将资金转入银行账户的用户。这将使您完全脱离加密市场，无需担心链和地址问题。请事先检查交易所的提款手续费，SEPA转账费用因提供商而异。

行动清单

1. 审查持仓：打开Coinbase账户，检查是否持有USDT、PYUSD、DAI、PAX、GUSD或GYEN，包括微小余额。如需自托管，请参考硬件钱包对比指南。
2. 设置目的地并整理地址：决定提款、兑换或出售，并替换所有存储的旧Coinbase存款地址。如需更换交易所，请选择合规的加密交易所。
3. 在10月29日前行动：考虑冻结期和网络费用，并保留交易记录。哪些欧元和美元代币在欧洲仍获授权，可参考稳定币对比指南。

（截至2026年10月10日。本文不构成投资建议。价格和费用结构会发生变化；购买前请向提供商核实条款。）