We would like to inform our customers of an important change: in accordance with current legislation and regulatory guidelines, the Tether (USDT) stablecoin will be removed from the Vigiler platform. The European Union’s new crypto-asset regulation, the Markets in Crypto-Assets (MiCA) Regulation (EU 2023/1114), sets stricter requirements for the trading of electronic money tokens (EMT) and asset-based tokens (ART). Guidance issued by the European Securities and Markets Authority (ESMA) in early 2024 will further clarify the application of EMTs and require service providers to ensure compliance with the new rules by the end of the first quarter of 2025. Under the current legislation, cryptoasset providers under European supervision will no longer be allowed to provide services in stablecoins that have not been pre-licensed in accordance with the MICA legislation.

The phase-out will be carried out according to a pre-defined timetable that will ensure a smooth transition:

  • At the beginning of February 2025, the USDC swap will be available for all eligible instruments, and from that date it will no longer be possible to borrow USDT or use USDT as collateral. The full USDC support that will be available through the Swap function will ensure that our clients will not be directly affected by the changes.
  • On 25 February 2025, the possibility to launch USDT-based swaps, dualswaps and superpositions, as well as the possibility to deposit USDT on the platform will be discontinued.
  • At the latest by 30 March 2025, all USDT assets managed by Vigiler will be automatically converted to USDC at no cost, including wallet balances, amounts in the savings pool, and running dualswap and superposition positions. The USDT savings pool is automatically merged with the USDC pool.

With regard to the conversion date, the Vigiler platform has to take into account the timing of the partner exchanges, which is why it is expected that the conversion of USDT-based dualswap positions on the Kraken exchange will be partially done in the last days of February. The process will be fully automated and will not require client intervention.

There is nothing for our Users to do regarding the above. There is no need to allocate USDT funds, convert them, close running positions or manually withdraw funds from the savings pool. Conversion to all relevant assets is automatic and free of charge.

Thank you for your cooperation and trust!

If you have any questions, our customer service is at your disposal at [email protected].