EU Exchanges Delist Tether’s USDT In Preparation for MiCA
In anticipation of the EU’s looming Markets in Crypto Assets (MiCA) regulations, European exchanges are delisting Tether (USDT) en masse. This may severely hinder the EU market’s ability to capitalize on the crypto bull market.
Tether Prepares for MiCA
It has been clear for several months now that Tether’s USDT, the largest stablecoin, will not meet MiCA compliance. According to a new report, EU exchanges have until December 30 to delist the asset. However, apprehension is growing in the European crypto community, as Tether’s retreat may have an outsized impact.
Essentially, Tether is a very useful stablecoin for EU crypto business operations and a critical source of liquidity. Although the space has a high level of development and interest, some European financial products are dwarfed by the US-centric bull market.
In general, EU crypto investments have been dropping in 2024 compared to other regional markets, and MiCA might cause them to fall even further.
European investors will have to hope that the chaos surrounding MiCA and the Tether exit will not depress overall investment rates. Crypto is entering a new level of institutional and regional acceptance worldwide, but Europe could still lose out.
