$USDC What did the CEO of Tether say regarding the MICA law?

One of the problems mentioned by the CEO of Tether is that one of the MICA regulations imposes that 60% of all the company's reserves/assets must be in 6 different European banks, but there are 2 problems: the necessary liquidity in a run would no longer be possible, and the failure of banks is always present. As an example, he mentioned what happened in 2022, when USDC from Circle, due to these regulations, did not have all its reserves available, thus they did not have enough liquidity to disburse at the moment, resulting in the price of USDC dropping to 0.88 cents per dollar, something that did not happen with USDT, as they had all the liquidity in dollars and U.S. bonds, allowing them to disburse up to a third of all their total reserves in less than 24 hours without issues.

Source: Cointelegraph