Tether officially abandoned its pursuit of an EU Markets in Crypto-Assets (MiCA) license, refusing the mandate requiring systemically important stablecoins to hold at least 60% of their $183B USDT reserves in commercial bank deposits. CEO Paolo Ardoino argued the rule increases counterparty risk because EU deposit insurance caps out at €100,000 per bank. Tether prefers holding liquid, low-risk sovereign debt (like U.S. Treasuries) rather than vulnerable cash deposits.
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Tether officially abandoned its pursuit of an EU Markets in Crypto-Assets (MiCA)…
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