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The MiCA, although aimed at ensuring greater transparency and security, is raising concerns for the future of some stablecoins in the EU, including Tether’s USDT.
In this article, we analyze the implications of MiCA, Tether’s response, and the possible impact of the delisting of USDT on the European market.
Tether (USDT) and the challenge of regulatory compliance in the EU with the MiCA
The MiCA (Markets in Crypto-Assets) regulation represents a significant step in regulating the criptovalute market in Europe.
Among the most significant provisions are stringent rules for emittenti di stablecoin, which include capital requirements, usage limits, and transparency obligations.
In particular, MiCA introduces restrictions on the volume of transactions of stablecoins used as a means of payment, setting a daily maximum limit to avoid systemic risks.
These rules, while aimed at protecting the European financial system, could have a significant impact on Tether, the leading stablecoin issuer in the world, threatening the presence of USDT in Europe.
The risk of delisting is no longer a remote possibility, but a concrete issue that worries the entire sector.
Tether has a long history of regulatory controversies, but the introduction of MiCA marks a turning point.
To be compliant, the company should meet stringent requirements that include greater transparency on its reserve assets and the adoption of measures to limit the use of USDT as a means of payment below the prescribed thresholds.
Despite this, Tether has expressed legitimate concerns. The company has emphasized how certain provisions of MiCA could introduce excessive barriers for stablecoins.
Thus limiting innovation and restricting European users’ access to essential digital financial instruments.
Furthermore, the risk of delisting USDT could push users towards less regulated alternatives, undermining the security objectives of the regulation itself.
The possible delisting of USDT in Europe would have significant consequences. Considering its dominant position as the most used stablecoin in the world, the absence of USDT in the European market could alter the balances of the bull and bear cryptocurrency sector.
For users, this would mean having to resort to alternatives such as USDC by Circle or DAI, which could more easily comply with MiCA.
However, these options might not offer the same liquidity or spread as USDT, potentially creating inefficiencies in trading and in the use of stablecoin.
Tether’s response: between dialogue and adaptation
For the exchanges, the delisting of USDT would entail the adoption of new policies to comply with MiCA, with additional operational and technical costs.
Furthermore, the limitation of the options available for investors could reduce the attractiveness of the European market, pushing some operators to move towards more permissive jurisdictions.
In any case, Tether has not stood by. The company has sought to initiate a dialogue with European regulators to highlight the potential negative implications of an overly strict application of MiCA.
Furthermore, Tether is exploring strategies to adapt to the new regulatory framework, including the possibility of introducing new features that limit its use as a means of payment within European borders.
The case of Tether and MiCA highlights the challenges that the cryptocurrency sector must face in the face of increasingly stringent regulations.
Although the objective of ensuring stability and protection for users is understandable, it is essential that regulators find a balance between safety and accessibility.
The risk of delisting USDT in Europe could represent a wake-up call for the entire crypto ecosystem, pushing operators to reconsider their compliance strategies.
In the meantime, users and investors in Europe will need to closely monitor developments, preparing for a possible change in the dynamics of the stablecoin market.
Ultimately, the issue of Tether and MiCA is not only about the future of USDT in Europe, but also the direction that the entire cryptocurrency sector will take under the growing regulatory pressure.
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