$USDC HAS BEEN APPROVED UNDER THE NEW EUROPEAN MICA REGULATIONS 🚨
Europe has not officially "banned" USDT but requires exchanges to comply with the regulations of the Crypto Market Regulation (MiCA) by December 30, 2024. USDT does not fully comply with these requirements, leading exchanges to delist USDT. The main reasons include:
1️⃣ Transparency and reserves: MiCA requires stablecoins to be transparent about reserves and have appropriate licenses. Tether has struggled to prove its reserves are sufficient and transparent.
2️⃣ Legal compliance: USDT has not obtained the necessary licenses to operate in the EU under MiCA, while USDC, issued by Circle and supported by Coinbase, appears to be better prepared for compliance.
3️⃣ Support for $USDC : USDC is favored because it has either met or is nearing compliance with MiCA's requirements, providing a more stable and transparent alternative for investors.
Therefore, the "support" for USDC mainly stems from its better alignment with existing regulations compared to USDT, not from an official choice by the EU.
⚡️It can be seen that earn usdc is currently offering much better APR compared to usdt, even Binance is showing more support for usdc, right everyone?