According to CoinDesk, TradingView data shows that this week the market value of USDT has dropped nearly 1.1% to $137.24 billion, marking the largest decline since the FTX exchange collapse in the second week of November 2022. In mid-December 2024, the market value of USDT reached a record $140.72 billion.

Previously, several exchanges located in the EU and Coinbase decided to delist USDT, citing its non-compliance with the EU's Markets in Crypto-Assets (MiCA) regulation, which comes into full effect on December 30. USDT serves as a gateway into the cryptocurrency market and is widely used by investors to fund spot cryptocurrency purchases and derivatives trading. Therefore, the delisting and decline in market value have sparked speculation on social media about an overall downturn in the cryptocurrency market. However, these concerns may be unfounded, and any negative impact could be limited to the Eurozone.

Karen Tang, head of partnerships for the Asia-Pacific region at Orderly Network, stated: "Due to MiCA regulations, the EU will restrict access to Tether, but this will not harm USDT's dominant position. The EU is not the largest cryptocurrency market. Most cryptocurrency trading volume occurs in Asia and the United States. All of this will only hinder digital asset innovation in the EU."