The European Union will ban USDT and cancel its listing from platforms no later than December 30, 2024
Will the digital currency market collapse 🤔 let's understand the details together
Tether's problem
Quite simply, the company has many question marks for transparency and the legitimacy of issuing USDT in accordance with the standards of the European Union and the company has already made a claim by scrutiny, which was discovered to be false and subjected to huge fines.
That is why the European Union's decision to ban USDT from trading on platforms operating in the European Union was in order to ensure transparency, reduce the risks of stable currencies and regulate issuers to maintain financial stability.
Okay, what is the impact of this decision on the market 🤔
Low liquidity as USDT is the dominant stable currency
Increase transaction fees
Short-term market instability as a result of the fear of some
Okay, if I have USDT, what should I do now❓
First of all, you must know that only USDT will be banned from trading on platforms operating in the European Union, but it will not be canceled at all.
I mean, you can keep your USDT on external wallets or exchange it in another stable currency such as USDC
As for the one outside the European Union, there is no problem so far (we don't know what tomorrow is 🧐)
Information that may seem intuitive to some
When you buy a currency in USDT, you can sell it for any other currency and not a requirement of USDT