USDT, USDC and stablecoins in Spain: do you need to declare them even if there's no gain?

Stablecoins like USDT/USDC seem to have no gains. But there are cases where they do generate taxable events.

Equipo kointax·February 4, 2026·5 min read

Stablecoins in Spain: declare them?

Euros → USDC: No taxable event

BTC → USDT (crypto-to-crypto): YES taxable — you're "selling" BTC → capital gain/loss

EUR/USD exchange rate gains: USDT is pegged to USD, not EUR. Buying 1,000 USDT at EUR/USD 1.10 (pays €909) then selling when EUR/USD 1.00 (receives €1,000) = €91 gain.

Stablecoin lending interest: Capital income when received

Model 172: Stablecoin balances in foreign exchanges must be declared.

kointax tracks EUR/USD rates on each stablecoin transaction.

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USDT, USDC and stablecoins in Spain: do you need to declare them even if there's no gain?

Stablecoins in Spain: declare them?

Ready to calculate your crypto taxes?

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