Paolo Ardoino, CEO of Tether, the issuer of the largest USDT stablecoin by capitalization, commented on the decision not to apply for registration under the Markets in Crypto Assets Regulation (MiCA) in the European Union. Tether has no plans to adapt its USDT-pegged stablecoin to EU requirements. This may lead to the fact that European exchanges stop trading using USDT. For example, Kraken has already switched USDT to «mode for» sales only in the European Economic Area, and Crypto.com plans to delist 10 stablecoins from the beginning of this year.
According to Ardoino, the MiCA requirements, such as keeping 60% of stablecoin reserves in cash in European banks, are «very dangerous». In his opinion, such rules could threaten not only Tether but also small and medium-sized banks in Europe, which could «go bankrupt» because of these requirements.
Ardoino also criticized the European Central Bank, saying that its priority is to promote the digital euro to strengthen control over citizens’ financial transactions.
Tether has recently moved its headquarters to El Salvador and is considering creating a separate stablecoin for the United States if American legislation becomes more favorable to cryptocurrencies.
USDT dominates with a 66% market share. In the first quarter of 2025, Tether’s total assets amounted to $149 billion. Through Tether Investments, the company is actively investing in artificial intelligence, energy, and communications. The number of new wallets increased by about 46 million, which is 13% more than in the previous quarter.
Source: Cointelegraph
MiCA vs. cryptocurrencies: can USDT and other stablecoins survive in the EU?
Spelling error report
The following text will be sent to our editors: