#usdt The entry into force of the MiCA Regulation (Regulation on Markets in Crypto-assets) on December 30, 2024, marks a milestone in the regulation of crypto-assets in the European Union. This regulation establishes strict requirements for stablecoins, including the obligation that they be issued by entities with electronic money licenses and that their reserves are backed by at least two-thirds by independent banks. MiCA requires maintaining at least 60% of their reserves in European banks. This contrasts with Tether's strategy, which relies on financial instruments such as U.S. Treasury bonds.

In this context, USDT (Tether), the stablecoin with the largest market capitalization, faces significant challenges. By not currently meeting the MiCA requirements, platforms like Coinbase have decided to delist USDT from their listings in Europe. Other platforms, such as Binance and OKX, have also taken similar measures to comply with the regulation.

This situation has opened opportunities for competitors like USDC and EURC, backed by Circle, which comply with the new regulations and seek to establish themselves as dominant alternatives in the region.

Despite the entry into force of MiCA, the European Securities and Markets Authority (ESMA) has published a list of exemptions that allow certain service providers to continue operating for a limited time. For example, in the case of Spain, a 12-month transitional period is granted. This means that Tether still has time to adapt and obtain the necessary license to operate in Europe.