Tether CEO Paolo Ardoino on the MiCA law

Tether CEO Paolo Ardoino called the MiCA law, which requires stablecoin issuers to store >30% of their liquidity in local financial institutions, a “gift for banks.” 30% is a huge requirement compared to the 1% of ECB reserves for banks.

Starting today, Coinbase will delist unregulated stablecoins, including USDT, in Europe. Binance, Bybit, and other exchanges will restrict other services. Ardoino reminded that USDT will not become illegal, and there is a transition period of 6 to 18 months for service providers.

Over the weekend, the community held an action against FUD towards Tether:

In times of FUD, it is useful to look at the people who inflate it and their attitude towards competitors from USDC. USDT has become the choice of the community, and its market cap growth is pushing Bitcoin up. Tether belongs to Bitcoiners. Look Who's Backing USDC [Image]," Willy Woo wrote, echoed by Adam Back.

Historical reminder: Coinbase and Circle tried to control the Bitcoin fork, while Tether opened up the forked network market, which played a key role in killing fake forks, wrote Samson Mow.