Tether CEO: EU MiCA rules pose "systemic" banking risks to stablecoins

ChainCatcher news, according to Cointelegraph, Tether CEO Paulo Ardoino stated that the upcoming regulatory framework in Europe will bring significant banking concerns for stablecoin issuers, which could threaten the stability of the broader cryptocurrency sector.

The Markets in Crypto-Assets Regulation (MiCA) is the first comprehensive regulatory framework for the crypto industry, set to come into full effect on December 30. Under MiCA, stablecoin issuers must hold at least 60% of their reserve assets in European banks.