“The lack of clear instructions from officials leaves the future of the USDT stablecoin in the EU ambiguous after the MiCA draft law enters into full force. Juan Ignacio Ibáñez, a member of the technical committee of the MiCA Crypto Alliance, stated this in an interview with Cointelegraph. “No regulator has said outright that USDT is out of compliance, but that doesn’t mean the other way around,” he noted. According to Ibáñez, the delisting of the stablecoin on the Coinbase exchange is a proactive measure, and other exchanges are not obliged […]”, — write: businessua.com.ua
The lack of clear instructions from officials leaves the future of the USDT stablecoin in the EU ambiguous after the MiCA draft law enters into full force. About it in the interview MiCA Crypto Alliance technical committee member Juan Ignacio Ibáñez said to Cointelegraph.
“No regulator has said outright that USDT is out of compliance, but that doesn’t mean the other way around,” he noted.
According to Ibáñez, the delisting of the stablecoin on the Coinbase exchange is a proactive measure, and other exchanges are not obliged to be in such a hurry. The interlocutor emphasized that an important mark is the moment of entry into force of MiCA — December 30.
“The question is whether all exchanges will delist USDT at the same time, whether it will happen gradually, and whether some companies will choose a wait-and-see attitude while waiting for statements from regulators,” Ibáñez added.
European regulators have not officially announced the need to delist the stablecoin. As of December 27, many exchanges, including Binance, continue to provide EU customers with access to USDT and have not announced plans to stop these services.
Under the officials’ plan, an 18-month “transition period” will begin after MiCA takes effect. EU countries can allow existing businesses to continue operating within the framework of current legislation until January 1, 2026.
By the end of the period, a coherent regulatory regime should be formed in the EU, which meets the general standards of customer protection.
According to Tether CEO Paolo Ardoino, MiCA creates a “systemic risk” not only for stablecoins, but for the banking system in general. In particular, he pointed to the requirement to keep at least 60% of reserves in accounts in potentially “vulnerable” EU banks.
We will remind you that in November, Kraken and Tether financed the launch of stablecoins regulated in the EU.
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