💲 Tether Rejects MiCA License

Tether declined to apply for a MiCA license in the EU over reserve rules.

Tether CEO Paolo Ardoino said the rules require 60% of significant stablecoin issuers’ reserves in commercial bank deposits, making stablecoins less protected. EU deposit insurance covers only €100,000.

“When MiCA becomes safer for consumers and stablecoin issuers, we may reconsider the decision,” Ardoino said.