Delisting of USDT
The European Union intends to exclude USDT from cryptocurrency exchange listings by the end of 2024 due to non-compliance with the MiCA regulatory requirements. This step could significantly impact the balance of power in the crypto industry.
And while Circle, which issues USDC, received the necessary approvals back in July, Tether seems to find itself in a difficult situation. And how could it not be — after all, we are talking about a stablecoin with a market capitalization of $140 billion! When looking at trading volumes, the picture is even more impressive: out of a total trading volume of $385 billion in a day, USDT accounts for $218 billion. For comparison, Bitcoin only has $110 billion, while USDC is a modest $15 billion.