Tether CEO Paolo Ardoino (Paolo Ardoino) said that the company will not seek compliance with the European regulation MiCA. According to him, the new regime poses risks not only for stablecoins, but also for EU banks.
Criticism of MiCA and rejection of EU registration
Tether CEO Paolo Ardoino stated that the company will not seek compliance with the European MiCA regulation. Speaking at the Token2049 conference in Dubai, Ardoino confirmed that Tether has no plans to obtain a license under MiCA for its flagship stablecoin USDT, which currently holds a market capitalization of around $149 billion. According to him, the current version of the law creates a “dangerous” environment not only for stablecoin issuers but also for European banks.
One of MiCA’s core requirements is that stablecoin issuers must hold 60% of their reserves in insured deposits in European banks. Ardoino believes this could lead to the bankruptcy of small and mid-sized regional banks within a few years. He emphasized that Tether’s top priority is protecting its more than 400 million users worldwide, rather than working with a regulator that, in his view, is more focused on launching a digital euro to control citizens' spending.
Regulatory Consequences Delistings and Liquidity Outflows
MiCA came into effect in December 2024. Since then, crypto exchanges have begun removing assets that do not meet the new standards. Starting in January 2025, exchanges such as Binance, Kraken, Crypto.com, and OKX announced the delisting of USDT and several other stablecoins. Among MiCA’s requirements are mandatory registration of the issuer within the EU and a full audit of reserves.
According to Ardoino, the MiCA situation has created a “fear of compliance” among crypto companies. He noted that for players like Tether, it is easier to focus on other regions where the regulatory approach is more flexible.
Focus on the United States and Bet on Bitcoin
Amid regulatory pressure in Europe, Tether is shifting its attention to the U.S. Ardoino previously stated that the company is preparing a new stablecoin designed to comply with U.S. market regulations, where its key competitor remains USDC issued by Circle. The new token could launch by the end of 2025 or early 2026, depending on the progress of stablecoin legislation in the U.S.
In an interview with Cointelegraph, Ardoino also commented on U.S. and global policies toward Bitcoin. He described accumulating BTC in reserves as “inevitable” and said that the more companies lead by example, the faster others will follow.
“It’s never too late to buy Bitcoin,” he added.
According to Tether’s attestation for the first quarter of 2025, its total exposure to U.S. government bonds stood at approximately $120 billion — the highest among all stablecoin issuers. This asset structure ensures the stability of USDT and generates income — Tether posted nearly $14 billion in net profit in 2024.
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