Tether has officially confirmed that it does not plan to apply for a MiCA (Markets in Crypto-Assets) license for USDT in the European Union. A MiCA license is a single official authorization to operate with crypto-assets in the territory of the European Union. Their requirement is that the stablecoin reserves in bank deposits in the EU account for at least 60%. Tether CEO Paolo Ardoino believes this is risky for users’ funds due to the vulnerability of banks, but promises to revisit the issue if regulatory requirements become safer. In the meantime, regulated EU platforms have begun restricting spot trading of USDT, although users can still store and use USDT in derivatives.
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