Tether to launch USDT replacement for Spain and other EU countries
Tether CEO Paolo Ardoino reported that the company will soon launch a new asset that will be adapted to European Union (EU) regulations and could replace USDT in the region. The announcement is made in a context in which the exit of the popular stablecoin from the EU is expected. This, as a consequence of the entry into force in the eurozone of the rules for stablecoins of the Regulation for the Market in Cryptoassets (MiCA), approved last year.
Within the framework of compliance with this Regulation, since June of this year cryptocurrency exchanges have been announcing limitations for the trading of Tether, the most popular dollar-pegged stablecoin on the market.
The most recent announcement was made by Coinbase, indicating that before December 30, it will remove from the platform stablecoins that do not comply with MiCA. The transition period for the market to adapt to the new regulations, set at six months from June 30, will end by the end of the year. From that date, exchanges operating in the European Union will be strictly obliged to market only stablecoins that are registered with the authorities, according to the MiCA parameters.
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