Ah, the grand stage of Europe, where the mighty Tether, the issuer of the illustrious USDT stablecoin, finds itself in a most precarious position! The European Union, in its infinite wisdom, has unleashed the Markets in Crypto Assets (MiCA) framework, and lo and behold, the top crypto exchanges, like Crypto.com, have begun the great delisting of USDT. Tether, in a fit of displeasure, has decried these developments as “rushed actions.” Oh, the drama!
A spokesperson from Tether, perhaps sipping a cup of bitter coffee, lamented:
“It is disappointing to see the rushed actions brought on by statements which do little to clarify the basis for such moves.”
The mighty USDT, standing tall at $1.00, now faces the storm of:
- 24h volatility: 0.0%
- Market cap: $139.41 B
- Vol. 24h: $68.46 B
But wait! Tether warns that these regulatory changes, like a tempest, could wreak havoc on EU customers and the crypto market alike. The representative further added, with a hint of sarcasm:
“These changes affect many tokens in the EU market, not only USDt, and we fear that such actions will lead to further risk being placed on consumers in the EU.”
Indeed, the stablecoin firm foresees a “disorderly” market, as MiCA is still in its infancy. And Tether is not alone in this tumultuous sea; Crypto.com’s delisting process will sweep away a total of 10 tokens, including the illustrious Wrapped Bitcoin, which is currently valued at $105,149:
- 24h volatility: 3.5%
- Market cap: $13.58 B
- Vol. 24h: $639.46 M
And let us not forget DAI, the stablecoin that also finds itself in the crosshairs:
- Value: $1.00
- 24h volatility: 0.0%
- Market cap: $3.54 B
- Vol. 24h: $206.70 M
Meanwhile, Coinbase, in a fit of regulatory compliance, has also delisted USDT and six other tokens, including WBTC, for reasons that remain as clear as mud.
Is Tether’s USDT Losing Its Grip to Circle’s USDC in Europe? 🤔
Tether, in its lament, has pointed out that the MiCA regulations not only threaten the broader consumer landscape but also cast a shadow over stablecoins licensed within the EU. The spokesperson, perhaps with a wry smile, noted:
“As we have consistently expressed, some aspects of MiCA make the operation of EU-licensed stablecoins more complex and potentially introduce new risks.”
In a world where USDT reigns supreme in emerging markets, the spokesperson pointed out the stark contrast: “The USD stablecoin market is almost negligible in Europe.”
As Tether grapples with these challenges, its rival Circle’s USDC has danced into the limelight, basking in the glow of MiCA compliance. With the launch of Donald Trump’s TRUMP meme coin and MELANIA meme coin, USDC has seen a meteoric rise, with its market cap swelling by $8 billion, while Tether’s USDT remains as stagnant as a pond in winter.
Yet, despite the storm clouds gathering, Tether’s USDT still holds a formidable presence with a market cap of $140 billion. Tether, in a moment of begrudging respect, acknowledged the EU regulators’ efforts in crafting a structured framework, stating:
“As Tether finalizes its European strategy for USDt, it remains committed to ensuring compliance with evolving regulations while introducing groundbreaking technologies such as Hadron and investments in transformative projects such as Quantor, designed to be MiCA compliant.”
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2025-01-30 19:56