What's Happening with Tether
The most capitalized and popular dollar stablecoin Tether (USDT) will disappear from crypto exchanges focused on working in Europe. The coin will be removed from the listing by December 30, 2024. In particular, the stablecoin will disappear from such large platforms as Coinbase.
The changes are related to the entry into force of the MiCA directive approved in the EU. It includes a set of rules for regulating cryptocurrencies in Europe. According to BeInCryppto's interlocutors, the initiative will change the landscape of the crypto market. Tether "fell out of favor" for a simple reason - the stablecoin does not comply with the rules that MiCA imposes on stablecoins. Some crypto companies refused to work with USDT in the EU long before the deadline for the directive to come into force. For example, the OKX crypto exchange cut off European users from access to the stablecoin back in March 2024.
However, experts interviewed by the BeInCrypto editorial team believe that the loss of the European market will not kill Tether. At the same time, our interlocutors draw attention to the fact that against the backdrop of the MiCA deployment, USDT competitors will benefit, for example, the USD Coin stablecoin, which complies with the requirements of the directive.
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