News
Public · Published
MiCA pushes USDT out, leaves USDC in the spotlight
Circle says USDC is the only one of the world's ten largest stablecoins that complies with the EU's MiCA regulation, meaning EU residents lose regulated access to most major dollar‑backed stablecoins, including Tether's USDT.
Published:
Updated:
What happened
Circle says USDC is the only one of the world’s ten largest stablecoins that complies with the EU’s MiCA regulation, meaning EU residents lose regulated access to most major dollar‑backed stablecoins, including Tether’s USDT.
Confirmed
Global impact / market context
EU investors will have fewer compliant dollar‑stablecoin options, concentrating demand on USDC, which could boost its market share and influence pricing, while limiting competition and choice.
Analyst inference
Europe has implemented the Markets in Crypto-Assets (MiDA) regulation, which sets rules for crypto assets, and it now restricts stablecoins that do not meet its compliance standards.
Confirmed
What to watch
- Whether other stablecoin issuers obtain MiCA compliance, which could restore regulated access for EU users. Analyst inference
- How the loss of regulated USDT access impacts its trading volume and price relative to USDC in European markets. Analyst inference
- Potential regulatory responses or legal challenges from Tether or other issuers seeking to regain EU market access. Analyst inference
Affected assets
- USDT — Tether
- USDC — USD Coin