Tether’s Prospects in Europe: Pressure from Competitors and Regulators
Date: 2025-02-26 Author: Gabriel Deangelo Categories: BUSINESS
Ardoino argues that competitors are not looking to grow the cryptocurrency market or create convenient financial solutions for users. Instead, he says, they are focused on displacing Tether, using political connections and partnerships to achieve this goal.
Companies approved to issue stablecoins in the EU include Banking Circle, USDC issuer Circle, Crypto.com, Fiat Republic, Membrane Finance, Quantoz Payments, Schuman Financial, Societe Generale, StabIR, and Stable Mint.
Despite the regulatory pressure, Ardoino emphasizes that USDT remains in demand among users: more than 400 million people use the stablecoin, and about 35 million new wallets are registered every quarter. However, with the entry into force of MiCA, Tether faces restrictions in Europe. Thus, the crypto exchange Kraken announced that it will delist USDT from March 31, and Crypto.com already removed it and a number of other stablecoins on January 31. Users are offered alternative assets that meet the requirements of European regulation.
