Paolo Ardoino reiterates that Tether will not host the Mica Law

Despite the risks it implies to Tether Losing participation in the European market, Ardoino insists that the Mica Law It raises threats to the Stablecoin market, as well as for the traditional banking industry.

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• The CEO of Tether He called “Dangerous” The regulation Mica For stablecoins.
• He pointed out that the digital euro seeks to control citizens.
• Tether will not seek license under the Mica Law and will continue to operate from El Salvador.

The CEO of Tether, Paolo Ardoino, reaffirmed that his company will not seek Mica Law In the European Union, qualifying this regulatory framework as a threat to Stablecoins and regional banks.

The statement arises in the midst of the growing regulatory pressure on stable currency issuers in Europe.

Tether unchecks Mica Law In Europe

During the event Token2049 made in Dubai and reviewed by Cointelegraph, Ardoino explained that Tether, stablecoin station USDT, will not meet the requirements of the Mica Law During an interview, he warned that The requirements required by this regulation “They are dangerous” and suppose important risks for small and medium financial systems in Europe.

Mica It requires that Stablecoins sending at least 60% of their reservations in insured bank deposits within the European territory. According to Ardoino, this rule can bring several financial institutions to collapse: “Banks in the region could break in the coming years”he warned.

In his speech, Ardoino harshly criticized the alleged purpose behind Mica, insinuating that European Central Bank It seeks to boost the digital euro as a citizen control mechanism. “I love Europe, but I think that unfortunately the ECB is more interested in promoting the digital euro as a way of controlling people and how they spend their money”he said.

The Executive emphasized that his priority is to protect the more than 400 million users of Tether In the world, many of which do not enjoy the same level of economic stability as Europeans. “I decided not to apply to the Mica license because I must protect our global users”he concluded.

The entry into force of Mica It began in December 2024. Since then, several exchanges have adjusted their listings to comply with the new regulations. Kraken, For example, he eliminated five stablcoins – including USDT—, while Crypto.com announced the exclusion of ten cryptocurrencies of this type from January.

The refusal of Tether to comply with Mica It could cause a progressive retreat from your token on platforms operating under European jurisdiction. However, the company, based in El Salvador, seems determined to prioritize its global user base and avoid what it considers an over-regulation.

Perspectives in the US and accumulation of reservations in BTC

When asked about the operation of Tether In the US, Ardoino acknowledged that the country would require “A different product”given the competition with local issuers.

He also talked about an emerging trend: the accumulation of state reserves in Bitcoin. “It’s inevitable”he declared. “In the long term, the greater education about Bitcoin, more companies will give the example and the rest will follow them. It is never too late to buy Bitcoin.”

Ardoino’s statements occur on the same day in which Tether He informed about USD $ 120,000 million in bonds of the Treasure of the US, figure that was revealed in its most recent quarterly report.

According to market data, USDT Figure as the stablecoin with the largest market capitalization, with almost USD $ 149,000 million in circulating assets.

Written article with the help of an AI content editor, edited by Angel Di Matteo / Diariobitcoin

Original image of Diariobitcoin, created with artificial intelligence, for free use, licensed under public domain.

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