Coinbase will automatically convert 14 restricted crypto tokens, including Tether's USDT and PayPal's PYUSD, held by European customers on October 30. The exchange stated in a customer notice that affected retail users in the European Economic Area (EEA) must withdraw their holdings before the deadline or have their balances converted into Circle's USDC or another supported asset or currency. This move is attributed to the EU's Markets in Crypto-Assets Regulation (MiCA), which requires stablecoin issuers to obtain regulatory authorization. Coinbase noted that the transitional period for stablecoin issuers expired on July 1, 2026, without an extension. The deadline is well ahead of the European Securities and Markets Authority's (ESMA) January 8, 2027, outer deadline for national authorities to address remaining exposures.