Tether CEO Paolo Ardoino explained why the company will not register USDT under the rules of MiCA, the new EU crypto regulation:
"MiCA is dangerous for stablecoins and banks," he said at a TOKEN2049 in Dubai
According to him, the requirement to keep 60% of reserves in insurance deposits could bring down the European banking system
Tether CEO stressed that he is obliged to protect 400+ million USDT users around the world
"I love Europe, but the ECB is more interested in the digital euro as a tool to control people," Ardoino added
After the launch of MiCA, several exchanges (including Coinbase and Crypto.com) began to delist USDT in Europe
