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Crypto Alert: Tether’s USDT Delisting – What Every Investor Must Know
In a shocking turn of events, Coinbase has announced the delisting of Tether’s USDT from its platform, citing non-compliance with EU’s MiCA (Markets in Crypto Assets Regulation) guidelines. This development has sent shockwaves throughout the crypto market, and it is essential for investors to be informed about the implications of this decision.
As a result of Coinbase’s move, USDT’s market cap has shed $4 billion, dropping from $141 billion to $137 billion. The delisting comes amid MiCA guidelines becoming effective on December 30th. While Tether has been dominant in the stablecoin market, Circle’s USDC has emerged as a key player after demonstrating compliance with these new regulations.
Regulator ESMA (EU Securities and Markets Authority) has remained silent regarding USDT’s status, leaving many in the crypto community wondering about the implications of this decision. In response to Coinbase’s announcement, Binance has restricted some USDT services for EU users, while advising customers to utilize MiCA-compliant stablecoins such as USDC and EURI.
Despite ESMA’s silence, Juan Ignacio Ibanez, a technical member of the EU crypto compliance advocacy group MiCA Crypto Alliance, emphasized that the regulator’s lack of communication does not necessarily imply that USDT is compliant. On the other hand, Samson Mow, CEO of BTC nation-state advisory firm Jan3, has dismissed Coinbase’s decision as “Tether FUD” (fear, uncertainty, and doubt).
The recent EU market shakeup has led to a significant drop in Tether’s dominance. Industry insiders have warned that this development could negatively impact liquidity within the European markets, potentially solidifying the US dollar’s grip on global financial transactions.
As investors navigate these uncertain waters, it is crucial for them to stay informed about the implications of this decision and its potential repercussions on the market.
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Source: ambcrypto.com
