BLOX Discontinues Tether (USDT)
We have an important update for you as a USDT holder. Due to changes in legislation, specifically the new European MiCAR regulation, BLOX will stop offering Tether (USDT) as of February 13, 2025.
Below, we explain what this means for you.
What does this mean for you?
On June 30, 2024, the European MiCAR regulation came into effect, requiring stablecoins to have official approval. Since Tether (USDT) does not have the necessary approval, we are obliged to discontinue support for Tether (USDT). This means we will implement a few changes, which are explained below.
- As of January 1, 2025, you will no longer be able to purchase Tether (USDT) through BLOX.
- Do you have USDT in your BLOX account? Make sure to sell it before February 13, 2025, at 11:00. No transaction fees will be charged when selling your Tether (USDT) coins.
- Have you activated Lending for Tether (USDT)? You will continue to receive a 3% return until Sunday, February 9, 2025. The accumulated return will be paid out the next morning, as usual. From Monday February 10, 2025 Lending will no longer be available for Tether (USDT), and no further returns will be paid.
- If you still hold Tether (USDT) in your BLOX wallet on Thursday February 13, 2025 at 11:00, BLOX will automatically sell it at the current market rate. The euro amount will then be deposited into your BLOX wallet.
- You can continue to hold, sell and lend your USDT as usual.
We hope this update provides you with sufficient information. As soon as we know more, we will, of course, keep you informed. If you still have questions, please check our FAQ section.