Tether Refuses EU MiCA License Over Reserve Rules, Says CEO
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5 Articles
Tether Says MiCA’s 60% Reserve Rule Drove EU Exit as ECB Seeks Change
TLDR: Tether says MiCA’s 60% bank-deposit rule was a key reason it declined to seek authorization in the EU. MiCA requires significant stablecoins to keep at least 60% of reserve funds in commercial bank deposits. Tether reported $184.6B in USDT outstanding, with assets exceeding liabilities by about $4.11B in Q2. EU central banks now want [...]
One of the most controversial requirements of European stablecoin rules is coming under pressure from two opposing sides.
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Cryptocurrency News | Cryptocurrency Prices | Market CapTether Refuses EU MiCA License Over Reserve Rules, Says CEO
Tether's CEO announced the company's refusal to apply for an EU MiCA license due to reserve requirements. This decision highlights ongoing regulatory challenges.
Tether refused to apply for the MiCA license provided for by the stablecoin regulation in the EU, for a rule on reservations judged too restrictive by CEO Paolo Ardoino. Tether key points refused the MiCA license because of the rule that requires the most significant stablecoins to hold at least 60% of the reserves in bank deposits. The [...]
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