The EU's MiCA regulation has officially come into effect, but Tether's USDT has not yet received compliance certification, raising concerns about its future in the EU market. MiCA imposes strict requirements on stablecoin issuers, and major stablecoins like Tether face capital reserve and liquidity requirements, which may lead to their exit from the EU market. Nevertheless, Tether's enormous market capitalization and global adoption make it unlikely to suffer immediate financial impact. Meanwhile, some exchanges in the EU have begun to take measures to comply with the new regulations, with Coinbase Europe having delisted USDT and other stablecoins. Analysts say that MiCA will drive some small and large companies to exit the EU, promote market consolidation, and may lead to higher investment and operational costs.