Original sourceHTX Insights
Summary
Tether CEO Paolo Ardoino said Tether has abandoned its EU license application, mainly because MiCA requires large stablecoin issuers to hold at least 60% of reserves in bank deposits. The decision follows opposition to the reserve requirement from the European Central Bank and several EU national c…
Key points
- This shows how major stablecoin issuers weigh EU rules in practice, offering a reference for assessing stablecoin supply and compliance costs in the European market.
- A major issuer exiting the EU authorization process will change the structure of stablecoin supply in Europe and regulators' bargaining room.
- European users and institutions choosing stablecoins must consider changes in issuers' authorization status and the range of compliant products available.
Editorial note
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