The European Union has approved 10 companies to issue stablescoins under its markets in the regulatory framework of cryptocurrencies (Mica), excluding Tether, the USDT issuer.
The European Union has approved 10 companies to issue stablescoins under its markets in the regulatory framework of cryptocurrencies (Mica), excluding Tether, the USDT issuer. Approved companies include Banking Circle, Circle, Crypto.com, Fiat Republic, Finance Membrane, Esrooz Payments, Schuman Financial, Societe General, Stabir and Stable Mint. These companies have issued 10 stables at the point of Euro and five stablescoins for American. TETHER, the largest stable in the world by market capitalization at more than $ 141 billion, was not on the list.
Before the deadline for Mica in December 2024, cryptographic platforms began to bring back the USDT and other stablecoins with US Peged who did not meet the framework requirements. Tether criticized the move, the precipitant and unjustified appellant.
Although Tether’s exclusion has drawn attention, it is not clear if the strict approach of the EU will benefit the long -term industry. Supporters argue that mica offers essential consumer surveillance and protection, while criticism consider it as a bureaucratic barrier that could push innovation outside the EU.
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