Tether CEO: EU MiCA Regulation 'Very Dangerous' for Stablecoins, Skipped Application to Protect Users

CoinFeed July 2 news, according to Coin Bureau report, Tether CEO Paolo Ardoino explained the reason for USDT not applying for the EU MiCA license, saying the regulation is 'very dangerous for stablecoins'. He said that MiCA may force issuers to hold 60% of their reserves in uninsured cash deposits at small European banks, which may not be able to handle large-scale redemptions. Ardoino believes the legislation is 'ill-considered', and said 'skipping MiCA is to protect Tether's over 400 million users'.