The CEO of Tether, the issuer of the USDT stablecoin, Paolo Ardoino, discussed the company’s decision not to apply for a MiCA license, stating that the new European regulations pose a threat to stablecoins and the banking system.
This is reported by Finway
During the TOKEN2049 conference in Dubai, Ardoino stated that the company is not applying for MiCA compliance, which could lead to the delisting of USDT on EU exchanges. He emphasized that “the MiCA license is very dangerous for stablecoins, and even more dangerous for the small and medium banking sector in Europe. I decided not to apply because I have to protect over 400 million users worldwide.”
“I love Europe, but unfortunately, the European Central Bank is more interested in promoting the digital euro as a tool for controlling people.”
One reason for the criticism is the MiCA requirement to keep 60% of stablecoin reserves in insured deposits in European banks, which, according to Ardoino, could lead to the bankruptcy of these banks.
After the implementation of MiCA in December 2024, several cryptocurrency exchanges, including Coinbase and Crypto.com, have already removed USDT and other stablecoins that do not meet the new regulatory requirements.
Ardoino also expressed optimism about the future of Bitcoin, stating: “In the long term, companies will set an example, and others will follow. It’s never too late to buy Bitcoin.”
At the time of publication, the market capitalization of USDT exceeded $149 billion, and Tether’s exposure to U.S. government bonds reached $120 billion. It is worth noting that Ardoino has repeatedly expressed concerns about operating in the EU under the MiCA regulation, as he believes these requirements could negatively impact the safety of stablecoins.
However, representatives of the European Securities and Markets Authority emphasize that the MiCA requirements do not apply to the storage and transfer of stablecoins that do not have the necessary authorization.