USDT Market Cap Drops Amidst Delisting Concerns

USDT market cap has dropped by $4B as insiders called the delisting a ‘Tether FUD.’ In mid-December, crypto exchange Coinbase delisted Tether’s USDT from its platform, citing ‘non-compliance’ with EU’s crypto regulation MiCA (Markets in Crypto Assets Regulation), one of the most robust crypto standards that became effective on the 30th of December.by market cap, Tether’s USDT has enjoyed dominance until recently, when the market began re-adjusting to MiCA’s guidelines.

Despite Coinbase’s move, the regulator and adviser for MiCA compliance, ESMA (EU Securities and Markets Authority), has not officially communicated USDT’s compliance status as of this writing. Binance and other exchanges have reportedly restricted some USDT services for EU users. Part of the exchange’s recent statement “Binance announced its approach to non-MiCA stablecoins in June 2024, and there will be no changes until further notice. USDT remains supported for custody; deposits and withdrawals are not affected. We encourage users to use USDC and EURI as these are MiCA-compliant stablecoins.”According to Juan Ignacio Ibanez, a technical member of the EU crypto compliance advocacy group MiCA Crypto Alliance, the silence from regulators didn’t suggest USDT is compliant. In an interview with Cointelegraph, Ibanez said,However, some industry insiders pointed out that only Coinbase has delisted USDT.“Other than Coinbase (who is invested in Circle) no other exchange has plans to delist USDt in the short term for European users. Local European regulators have a grace period of more than 12 months.”USDT’s market cap from $141B to $137B. Other insiders warned that USDT delisting could affect liquidity in the EU markets and reinforce U.S. dominance.Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every use

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Tether Contraction Raises Concerns for Crypto Market LiquidityA recent sharp decline in Tether's (USDT) circulating supply has triggered alarms within the crypto market, signaling potential shifts in market dynamics. The drop, attributed to regulatory scrutiny, reduced trading volumes, and macroeconomic uncertainties, coincides with Bitcoin's struggle to maintain stability near key support levels.
Источник: CryptoAmb - 🏆 22. / 68 Прочитайте больше »

Baby Doge passes $1B market cap: 2 key factors helpedBaby Doge continues to find favor with the bulls as price soars close to previous ATH, driven by spot and derivatives activity.
Источник: CryptoAmb - 🏆 22. / 68 Прочитайте больше »

Crypto market cap surpasses France, UK GDPs – India, Japan nextCrypto market cap flipped France and UK's GDP, a sign of growth in the new asset class. Will it surpass India and Japan's GDP?
Источник: CryptoAmb - 🏆 22. / 68 Прочитайте больше »

BRETT crypto eyes $10B market cap: Time to buy the memecoin?Brett crypto price prediction for 2024-2030 suggests that a rally to a $10 billion market capitalization is within sight due to rising market interest.
Источник: CryptoAmb - 🏆 22. / 68 Прочитайте больше »

PEPE passes Uniswap in market cap, hits ATH – Memecoin mania effect?PEPE surpasses Uniswap in market capitalization following a meteoric rise, signaling memecoins' increasing momentum in the crypto market.
Источник: CryptoAmb - 🏆 22. / 68 Прочитайте больше »