The European Securities and Markets Authority (ESMA) wants to prohibit all licensable services involving non-compliant stablecoins, extending restrictions beyond trading to custody and transfers. This September 30, 2026 proposal targets services allowing customers to keep and move tokens after trading pairs disappear. Existing holders could lose regulated-service access without a forced conversion timetable or wind-down mechanism. A study on trading volume shifts does not measure EU custodial balances. Compliant tokens could retain access to regulated channels that non-compliant stablecoins would lose.
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