Starting June 30, stablecoins may face limitations on exchanges. In fact, the new rules of the EU MiCA (Markets in Crypto-Assets) regulation introduce a series of rigorous requirements, with the aim, they say, of improving consumer protection and financial stability. Clearly the transition will be progressive over time, from 30 June there may only be limitations for those that will not be regulated, such as changes for spot trading, spot copy trading, derivatives trading, etc.
In DeFi, however, nothing will change (for the moment) and even if some of these stablecoins are delisted from exchanges, they will continue to be used on chain. The regulation should not make a distinction between centralized stablecoins (Usdc and Usdt) and those that are overcollateralized (Dai), synthetic (Usd.e) or semi/algorithmic (Frax). With all the relevant questions as many of these are not collated by real dollars but by other stablecoins or virtual assets.

In extreme summary, stablecoins will be divided into:
1) Regulated
2) Unregulated

REGULATIONS
1) Authorization and Oversight: Stablecoin issuers must obtain authorization from the relevant authorities before they can offer their tokens to the public. This authorization will be refused if the issuer's business model poses a significant threat to financial stability or monetary sovereignty​

2) Capitalization and Reserve: the largest centralized issuers of stablecoins (Circle and Tether Foundation) will have to maintain liquid reserves equal to 60% of their assets. These reserves must be held in authorized financial institutions, such as banks, and cannot be invested in risky assets. This requirement aims to ensure that stablecoins can be easily redeemed should the need arise. It should also reduce (according to regulators) risks and mismanagement. However, we know very well that banks can also fail (let's remember what happened to Silicon Valley Bank which by losing "real" dollars caused a 10% depeg to USDC). Basically this rule, not appreciated by the Tether Foundation, will enormously limit the profits of these entities (because they will not be able to invest this 60%). The risk for the stablecoin holder will shift from these foundations...to the banks

3) Operational Requirements: Issuers of electronic money tokens (e-money tokens) must be authorized as electronic money institutions and comply with the relevant operational requirements established by the EMD2 (Electronic Money Directive)​. Surely Usdc is an e-money token (the same goes for the not very liquid Pyusd, Paypal's stablecoin), the situation of Usdt is more controversial (as Tether does not have a European banking license). Surely Dai or Usd.e are not e-money tokens (because they are not backed by real dollars but by virtual assets)

4) Documentation and Transparency: issuers will have to prepare a white paper that contains specific information established by MiCA. This document must be notified and approved by the competent authorities. Furthermore, tokens that exceed a certain market cap (including a large number of users and transactions) will be subject to more stringent requirements, including higher capital requirements and liquidity management policies​ (liquidity reserve will be 30% for tokens smaller stablecoin issuers)

5) Supervision and Delisting: The European Banking Authority (EBA) can intervene to block the approval of large stablecoins if it is believed that they may threaten financial stability. Furthermore, non-compliant stablecoins could be delisted from exchanges to prevent systemic risks

I know the simplest thing you could do is convert all stablecoins to BTC (or ETH), however an extremely volatile portfolio is never the solution. The certain thing is... we were better when we were worse. Governments, banks and traditional finance will try to destroy this sector too

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