After the entry into force of the Cryptactive Market Regulation (MICA) for the European Union (EU) it has become increasingly evident than Tether, a USDT issuing company, will be out of the region. Not to be coupled to the demands raised by the new regulation for Stablecoins, increases the number of exchanges that They get the stable currency out of their list most popular in the market. The most recent announcement was made by Kraken, noting that he will completely eliminate USDT from March 31 in order to comply with the law. «These changes, ultimately, guarantee that Kraken continues to comply with the standards and can provide their exceptional commercial experience to long -term European clients,» said the company, emphasizing that exclusions They will only affect EU clients. The decision is released shortly after Crypto.com, another important exchange, also confirmed the exclusion of USDT IAfter nine stable currencies As of January 31. As Cryptonoticia has reported, the USDT departure from the platforms operating in Europe has been producing for several months, especially after the application of the Mica standards for Stablecoins in July 2024. The list of exchanges that withdraws USDT includes to Coinbase and Binance (where the unregulated stablecoins operate with limitations). Hence, other stable currencies already regulated, such as USDC, have gained land in the eurozone.
USDC gains USDT ground in Europe due to the Mica Law. Source: Cryptoquant. What is expected is that in the coming months there are more ads about the elimination of USDT of regulated exchanges. This, by virtue of the recent recommendations made by the European Authority of Securities and Markets (ESMA). In a statement published on January 17, the agency urges companies to restrict stable currencies They do not comply with Mica. The authority asked the suppliers of Cryptographic Assets Services (CASP) to take urgent measures against the stablecoins that They do not comply with the law. In his statement, ESMA highlighted the role of the authorities of the EU member states, known as competent national authorities (ANC), in the governance of the CASP. This, for the sake of aligning its services with the recent guidelines of the European Commission. In that sense, the guide makes it clear that Mica prohibits the emitters from offering stable currencies that are not authorized emitters. According to ESMA, national supervisors should implement the fulfillment of the CASP with respect to the stable non -compliance currencies «as soon as possible» and, no later than of the first quarter of 2025. And although the agency did not specify to what stable non -compatible emitters or currencies, the above was referring, the above not only explains the reason for the measures taken by the exchanges but also accelerates USDT departure from the European market.
Tether loses interest in the EU
In the midst of the shaking that involves the USDT's exit from the EU, the issuing company seems to have focused on other regions and new strategies. The situation indicates that Tether has lost interest For continuing to operate in the European Union, given the trend that follows the regulation in the region. This is because considering that the rules that are being implemented against innovation and technological development. The idea has been expressed by Paolo Ardoino, CEO of the company, repeatedly and reaffirms it in a message posted on February 1, with a marked tone of irony.
In this context, this week the official launch of the stable currency was announced In Bitcoindriven by Lightning Labs. The developers of the Network will operate together with Taproop Assets, a protocol that allows you to issue assets in Bitcoin and transfer them through the Lightning Network for instant and high volume transactions. The move occurs at a time when They grow substantially Tether's profits. According to company reports, during 2024 record earnings were recorded of 13,000 million dollars, having a reserve of US government bonds in the hands. UU. Greater than ever. The total market capitalization of USDT was approximately 137,000 million dollars as of December 31, slightly below Tether's total reserves, which exceeded 143,000 million dollars. The figures are based on a BDO certification, an independent accounting firm. All this happens at the time of obtaining a Stablcoins issuer license and provider of digital asset services in El Salvador, where it now works The main headquarters of the company. The idea is to focus on promoting adoption in the Central American country and the rest of Latin America. Additionally, Tether has been reinviring a part of his profits in related industries, including sustainable energy, Bitcoin Mining, Neurotecnology and Education, as Ardoino explains in the social network. «In the coming months we intend to launch several new products in all Tether pillars: from artificial intelligence platforms and applications to telecommunications, from new financial tools and services to broader educational efforts,» he concluded.