Tether 'concerned' by EU's 'problematic' MiCA stablecoin requirements, says CEO

Tether CEO Paolo Ardoino told The Block that the EU's MiCA regulation 'contains several problematic requirements' regarding stablecoins.

Following Binance's announcement that it would begin restricting access to "unauthorized" stablecoins in Europe by the end of the month, Tether CEO Paolo Ardoino expressed concern about the European Union's Markets in Crypto-Assets Regulation and its impact on stablecoins.

Binance CEO Richard Teng clarified in an X post Monday that "Binance won't delist any unauthorized stablecoins on spot but will limit their availability for users only on certain products," adding "updates on regulated stablecoins will be shared soon." “Uninsured cash deposits are not a good idea,” he added. “We should learn from what happened with Silicon Valley Bank and another major stablecoin in the US. If a bank goes bankrupt, uninsured cash goes into bankruptcy. Stablecoins should be able to keep 100% of reserves in treasury bills, rather than exposing themselves to bank failures keeping big chunk of reserves in uninsured cash deposits. In case of bank failure, securities return back to the legitimate owner.

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