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The cryptocurrency exchange Kraken has denied rumors about delisting Tether’s USDT for European users. Mark Greenberg, Kraken’s Head of Global Asset Growth and Management, clarified this in a post on X on May 18. The team stated that Kraken might consider halting support for USDT in the EU if it fails to comply with the Markets in Crypto-Assets (MiCA) regulations coming into effect in July.
What Is Planned for Tether?
This regulatory framework is designed to provide clear guidelines for crypto asset developers and service providers, ensuring compliance with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations. The news has sparked reactions within the crypto community. They noted that USDT is the largest stablecoin in the sector and among the most traded crypto assets. Tether’s market value is over $110 billion, representing approximately 69% market share.
However, Greenberg addressed these concerns by stating that the platform plans to continue supporting USDT in Europe. He emphasized the value of USDT for European customers and added that Kraken is exploring all options to offer USDT under the new regulatory regime. Regarding MiCA regulations, Greenberg confirmed that Kraken would comply with all legal requirements, even if they disagree, and shared the following statements:
“We know our European customers value access to USDT, and we continue to explore all options to offer USDT under the upcoming regime. Of course, we will follow all legal requirements even if we disagree. However, the rules are not yet finalized, and we are doing everything we can to continue offering all relevant stablecoin projects to our European customers.”
Notable Statements from a Famous Figure
While the crypto community welcomes MiCA’s regulatory clarity, industry figures like Tether CEO Paolo Ardoino have reservations. Ardoino emphasized that stablecoin issuers should avoid uninsured cash deposits. Instead, he advocates for holding 100% reserves in treasury bills to reduce the risk of bank insolvency.
Ardoino pointed to past events involving banks and stablecoin projects in the US as examples of the risks associated with uninsured cash deposits. He stressed the importance of learning from these events to ensure the stability and security of stablecoins in the future.
