Paolo Ardoino, General Director of the Issuer Stablecoin Tether, asked the company’s decision about the lack of registration in the European Union markets as part of cryptocurrencies (MICI), arguing that the regulations were risky for Stablecouins.
Talking to Cointelegraph at the token2049 conference in Dubai, Ardoino repeated that Tether did not plan to apply for Stablelecoin USD-the greater in terms of market capitalization-to be compatible with Mika in European countries, potentially forcing the exchange to remove Stablecoin. He added that although cryptographic companies had to follow the regulations, there was “fear of compliance with compliance” among companies in the EU.
“[…] Miki license is very dangerous when it comes to Stablecouins, and I think it is even more dangerous for the small, medium banking system in Europe, “said CEO Tether, adding that banks in the region can” float on the stomach “in the coming years thanks to the requirements of MICU, such as maintaining 60% of reserve reserve in insured cash deposits.
“I decided not to apply for a mica license because I have to protect 400 million users that we have all over the world. They are not as lucky as Europeans. I love Europe, but I think that, unfortunately, the European Central Bank is more interested [in pushing] Digital euro as a way to control people and control the way of spending money. “
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Related: Paolo Ardoino: Competitors and politicians intend to “kill the imprisonment”
After years of planning and research, EU officials began to implement the requirements under Mika in December 2024. Tether, which is regulated from the headquarters in El Salvador, is obliged to comply with Mika regulatory requirements, if the offer of products or services in EU Member States.
Since the entry into force of the regulations, many cryptographic exchanges have been operating to make their platforms to exchanges tokens in accordance with Mika. Kraken eliminated 5 Stablecouins, including USDT, and Crypto.com has announced plans to remove 10 Stablecouins from January.
About nations establishing cryptographic reserves
Speaking about his intentions to act in the United States, Ardoino said that the country “would require a different type of product”, taking into account the competition with local issuers of Stablecoin. He added that the efforts of American and other countries aimed at establishing Bitcoin (BTC) action were “simply inevitable”.
“In the medium and long period, the more Bitcoin education, the more companies will give an example […] Then everyone else will go – said the director of Tether. “It’s never too delayed to buy Bitcoin.”
Ardoino’s statements appeared on the same day when imprisonment announced About $ 120 billion of exposure to American Treasurys in the first quarter of 2025. From May 1, USDT had a market capitalization of around $ 149 billion.
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