USDT has been the go-to stablecoin for transactions for years. But that time is ending, at least in Europe. With the EU’s Markets in Crypto-Assets (MiCA) regulation in place, USDT is being phased out, and many are now caught in a situation they didn’t expect.

This isn’t just another rule change; it directly affects people who have relied on USDT for payments. Whether you’re a trader, a business, or a publisher, this shift means you’ll have to adjust.

So, what’s happening, and what does it mean for you?

How MiCA Impacts Stablecoins and Payments

Markets in Crypto-Assets, or MiCA, is a new set of rules the European Union made to control digital assets like stablecoins. There haven’t been clear laws about many cryptocurrencies until now, making it hard to control risks and keep users safe. With MiCA, the goal is to ensure that stablecoins are regulated like other financial goods.

A big reason for these changes is that more and more people are using stablecoins as a payment method. Thus, there have been concerns in the past about whether some stablecoins have adequate reserves, which led officials to introduce clear regulations.

Tether, the company behind USDT, needs an electronic money (e-money) license to continue operating in Europe. This license is now a requirement for stablecoins, proving they follow financial rules and have proper backing. Since Tether hasn’t obtained it, USDT no longer meets the legal standards.

So, sites dealing with stablecoins must determine which ones follow MiCA’s rules and which don’t.

These changes might be hard to deal with right now, but they are impacting digital payments in Europe. As the way stablecoins are used evolves, people and companies will need to adapt.

Coinzilla’s Updated Payment Methods

As USDT payments are no longer available with our payment processors, all transactions on Coinzilla will be handled through alternative methods and other digital assets. Thus, we recommend that all publishers receiving payments and advertisers funding campaigns in USDT update their addresses to receive payouts in USDC instead.

If you were previously receiving payments in USDT as a publisher, you’ll need to update your payment details to one of the following options:

• Crypto wallet: If your current preferred payment method is USDT, you need to update it to USDC or any of the other accepted payment methods.
• Bank transfer: Alternatively, you can opt for bank transfers, and payments will be sent directly to your bank account.

For advertisers, USDT is no longer an accepted payment method via CoinGate. However, you can still fund your Coinzilla account using:

• Other cryptocurrencies (via CoinGate): Coinzilla accepts all cryptocurrencies available on CoinGate. For an updated list, check CoinGate’s official website.
• Credit cards, such as Visa, Mastercard, and others.
• Bank transfer.

To avoid any disruptions, publishers should check and update their payment details as soon as possible, and advertisers should select an alternative payment method and get in touch with their account manager for confirmation.

If you need assistance, Coinzilla’s support team is available to help.

FAQ

Will USDT payments be available again in the future?

Due to the MiCA regulations, there are no plans to reintroduce USDT payments in the near future. CoinGate made the decision to stop USDT transactions in response to new regulations, and unless there are significant changes in the legal framework, USDT will remain unavailable.

Are there any fees or additional requirements when switching payment methods?

Switching to an available payment method does not incur extra fees. However, publishers should ensure their bank or wallet details are correct to prevent payment issues.

Where can I find updates about future payment changes?

Any future updates regarding payment methods will be communicated directly through Coinzilla’s official channels, including emails, the platform’s dashboard, and the official website.

Conclusion

It is no longer possible to pay with USDT, so people who depend on it must find other ways to do so. Now that rules have been put in place, the way people and companies use stablecoins in Europe is changing.

This change may be challenging, but it’s part of a bigger change happening in crypto. As new rules affect the market, stablecoins that meet these requirements will become the most popular choice. This will change the way digital purchases work in the future.