Tether CEO, Paolo Ardoino, reported that the company will soon launch a new asset that will adapt to European Union (EU) regulation and that could replace USDT in the region.
The announcement is made in a context in which the departure of the popular stablecoin from the EU is expected. This, as a consequence of the entry into force in the eurozone of the rules for stable currencies of the Regulation for the Cryptoasset Market (MiCA), approved last year.
Within the framework of compliance with this Regulation, since June of this year, cryptocurrency exchanges have been announcing limitations on trade of Tether, the stablecoin anchored to the dollar most popular on the market. The most recent announcement was made by Coinbase, indicating that before December 30 it will remove stablecoins that do not comply with MiCA from the platform.
By the end of the year, the transition period aimed at adapting the market to the new regulations concludes, established in six months from June 30. From that date onwards, exchanges operating in the European Union will be strictly obliged to trade only stablecoins that are registered with the authorities, according to MiCA parameters.
The measure includes USDT, after the company expressed difficulties in adapting to MiCA. However, with just a few months left until the end of the transition period, Ardoino assures that the company is working on a solution specially designed for the European market.
“As we have consistently expressed, some aspects of MiCA make the operation of EU-licensed stablecoins more complex and potentially introduce new risks, both to local banking infrastructure and to the stablecoins themselves,” the company said. a few months ago, implying that the stablecoin anchored to the dollar would definitively leave the European market.
But, the recent announcement suggests that the company will have a new asset, possibly similar to USDT, but suitable for MiCA standards.
Tether is developing a technology-based solution that we will present in due course and which will be tailored to meet the needs of the European market. We are very excited about our upcoming product strategy.
Statements from Paolo Ardoino, CEO of Tether.
Tether CEO notes that in Europe, stablecoin use cases They are very different from those in emerging markets and developing countries, where USDT is extremely popular.
«The economy in Europe is stable and very structured. Additionally, the regulatory landscape is evolving with the introduction of MiCA.” An idea that was supported by the Spanish lawyer specialized in crypto assets, Cristina Carrascosa, who praised in X the Tether proposal.
In its statements, Ardoino did not indicate data on the launch date or provide more details about the characteristics that the new asset will have.
