Updates to stablecoin services for clients in the European Economic Area (EEA)

Mar 10•3 min read

Nexo Blog

As part of our ongoing commitment to compliance and alignment with the latest EU regulatory guidance on stablecoins, we are updating certain stablecoin product features for clients in the European Economic Area (EEA). These updates reflect the industry’s ongoing evolution and are designed to maintain a smooth and reliable experience for you.

Starting March 10 and March 31, 2025, we are updating trading, savings, and borrowing services for USDT, DAI, USDP, TUSD, and PAXG in two phases,

From March 10 onwards:

Conversions:

You can swap USDT, USDP, DAI, and TUSD at the market rate with no additional cost on the Nexo Exchange, using the following pairs:

  • USDT/USDC

  • USDP/USDC

  • DAI/USDC

  • TUSD/USDC

This makes it easy for you to transition your assets at no extra cost, should you wish to take advantage of earning interest with USDC. There is no crypto cashback for these single-direction swaps.

Fixed-term Savings:

Starting March 10, 2025, USDT, DAI, USDP, TUSD, and PAXG will no longer be available for new fixed terms and auto-renewal in fixed terms. Existing terms will not be affected, and you will continue to earn interest until maturity. When your current terms expire, you may consider converting your assets to another currency to continue your earnings.

Dual Investment:

Starting March 10, 2025, new Dual Investment strategies with USDT will no longer be supported in the EEA. However, any active subscriptions you have will continue until maturity. For future trades, you can easily transition to USDC.

You can still buy, hold, top up, and use these assets for loan repayments. Nexo Card holders can continue making purchases with them in Debit Mode. 

From March 31, 2025 onwards:

Exchange & Trading: 

  • Spot: USDT, USDP, TUSD, DAI, and PAXG pairs will transition to sell-only mode, allowing conversions only to other assets. Swapping USDT, USDP, TUSD, and DAI for USDC will continue at the market rate with no additional cost. 

  • Futures: We will introduce multi-asset collateral (USDT and USDC) for Futures trading, which means you can use both assets in your Futures Wallet.

  • Scheduled Recurring Buys and Target Price Swaps for acquiring the affected assets will be canceled. This includes any recurring purchases using available balances, card payments, or swaps (e.g., buying USDT with EURx, using a card to acquire USDT, or selling BTC for USDT). 

Borrowing: 

  • New loans in USDT will be discontinued.

Savings:

  • Flexible Savings will no longer apply to USDT, USDP, TUSD, DAI, and PAXG. This means you will receive your last daily interest payout on March 31.

  • Existing Fixed-term Savings for these assets will continue to accrue interest until maturity.

Transfers:

Top-ups and withdrawals will continue to be available as usual for all stablecoins mentioned above.

All other product functionalities for stablecoins in the EEA remain fully available and unchanged.

What this means for you

These updates are designed to ensure your digital asset experience on Nexo is seamless as always. You can continue to hold the above assets across various products. 

As always, our goal is to provide you with the best opportunities available as the landscape evolves and advances globally. As part of our commitment to compliance, we are continuously refining our offerings and will keep you informed of any updates.