Coinbase’s October 30 deadline to restrict non-compliant stablecoins has disrupted the European market and prompted users to explore decentralized exchanges as an alternative. The measure, tied to the European Union’s MiCA regulation, affects assets including USDT, PYUSD, USD1, DAI and PAXG, whose trading and conversions have already been restricted on the platform. Decentralized exchanges and peer-to-peer swaps allow users to retain self-custody of their assets, but liquidity remains fragmented, trading pairs are limited and the technical complexity is greater. The euro-pegged stablecoin market has reached a capitalization of approximately $803 million and a daily trading volume of about $65.6 million, while it remains unclear whether decentralized platforms will become viable alternatives to centralized exchanges.
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