Stablecoin Showdown: Tether vs. EU Regulations
- Kraken is considering delisting Tether’s USDT due to EU MiCA regulations.
- Marcus Hughes, Kraken’s regulatory strategy head, confirms the review and potential action.
- Tether CEO noted exchanges will focus on Euro liquidity while maintaining USDT transactions.
Kraken, a major cryptocurrency exchange, is contemplating the delisting of Tether’s USDT stablecoin from its European platform in response to upcoming regulations from the European Union. Marcus Hughes, Kraken’s global head of regulatory strategy, confirmed this possibility in a recent interview with Bloomberg.
The European Union is poised to implement a new regulatory framework for digital assets, known as the Markets in Crypto-Assets (MiCA), in July. This framework is expected to introduce stringent regulations for stablecoins, potentially impacting the status of USDT within the European market.
“We’re absolutely planning for all eventualities, including situations where it’s just not tenable to list specific tokens such as USDT,” stated Hughes. He elaborated that Kraken is conducting a thorough review of the situation and will make definitive decisions as the regulatory landscape becomes clearer…
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