#Popular New York-based crypto exchange Uphold announced the delisting of six stablecoins ahead of the European Union's MiCA regulations, including Tether (USDT) - the largest of them. 😲

This decision is in line with the Markets in Crypto Assets (MiCA) regulations, which will take full effect on June 30, 2024. MiCA requires all digital assets to comply with its regulations.

However, this raises concerns about the future of USDT in the region.

According to Tim Wang, COO of Elixir, the short-term effects may cause market dislocation for liquidity and trading markets due to the dominance of USDC and USDT on centralized exchanges.

Wang also noted that stablecoins and US dollar-backed assets are still the main form of collateral in the crypto market as Euro stablecoins have failed to gain widespread adoption.

The EU's new crypto law imposes strict regulations on fiat-backed stablecoins and e-money tokens that exceed certain adoption thresholds.

Uphold wasn't the only one to buckle under the pressure. Several large crypto exchanges such as Kraken, Binance, and OKEx have made certain changes to their stablecoin offering policies. What do you think? Please leave a comment below 👇👇👇$USDC $FDUSD $BTC #Binance #Ethereum #SEC