Tether CEO: EU's MiCA regulations pose "systemic" banking risk to stablecoins
Tether CEO Paulo Ardoino stated that the upcoming regulatory framework in Europe will bring significant banking concerns to stablecoin issuers, which could threaten the stability of the broader cryptocurrency field. The Markets in Crypto-Assets (MiCA) is the first comprehensive regulatory framework for the crypto industry and will come into full effect on December 30th. According to MiCA, stablecoin issuers must hold at least 60% of reserve assets in European banks.
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