With Europe’s comprehensive MiCA regulations coming into effect at the end of this year, it is looking likely that these regulations will not allow Tether to operate in this jurisdiction. What could this mean for Europe and crypto?
Tether’s reducing market share
Tether is the foremost USD stablecoin in the world, and in Q1 of this year it made record profits of $4.52 billion. However, its market share is slowly reducing, and has descended to around 69%. At the same time, Circle’s USDC, a regulated alternative to USDT, has seen its market share increase to 11%.
One major reason why the use of Tether’s USDT stablecoin might be seeing reduced market share is the impending coming into force of the Europe-wide MiCA regulations on digital assets.
Furthermore, in anticipation of these impending regulations, certain exchanges, such as OKX, have already delisted USDT pairings in the European economic area. Kraken is another major exchange which is considering a similar move
We współpracy z: https://cryptodaily.co.uk/2024/06/will-europe-ban-tether-usdt
