European Union vs USDT: What Will Happen to the Crypto Market?
The European Union plans to exclude USDT from the listings of cryptocurrency exchanges by the end of 2024, citing non-compliance with MiCA regulatory requirements. This could significantly shift the balance of power in the crypto industry.
What is happening:
❗️USDT under threat: the capitalization of the stablecoin is $140 billion, and the daily trading volume reaches $218 billion (for comparison: BTC — $110 billion, USDC — $15 billion).
❗️USDC ahead: Circle received all necessary approvals last summer.
❗️Tether's plans: the company is investing in the European StablR, licensed in Malta, and launching stablecoins EURQ and USDQ in partnership with Quantoz Payments.
🤔 Expert opinions:
The delisting of USDT could seriously weaken Europe's position in the crypto market. Most crypto assets are traded in pairs with USDT, and switching to other stablecoins will increase traders' costs.
While the US demonstrates friendliness towards cryptocurrencies, Europe risks losing liquidity and influence, becoming a “province” of the crypto industry.
Will this step mark the beginning of regulatory isolation for Europe? The question remains open.
#Bitcoin #Crypto #Ethereum #Blockchain #Cryptocurrency #Altcoins #DeFi #NFT #CryptoNews #BTC #ETH