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Tether Co-Founder on Who Really Wins the Crypto War
William Quigley, co‑founder of Tether, said the company is pulling its European operations because meeting MiCA's compliance requirements would be too costly and restrictive for the stablecoin issuer.
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What happened
William Quigley, co‑founder of Tether, said the company is pulling its European operations because meeting MiCA’s compliance requirements would be too costly and restrictive for the stablecoin issuer.
Confirmed
Global impact / market context
Tether’s exit reduces the amount of USDT (a stablecoin) available for trading in Europe, lowering liquidity—how easily assets can be bought or sold—so traders may face higher costs and other tokens could gain market share.
Analyst inference
The European Union's MiCA framework, a new set of rules for crypto assets, is tightening oversight of stablecoins—digital tokens pegged to a fiat currency—aiming to protect investors and ensure market stability across Europe.
Confirmed
What to watch
- Whether the EU amends MiCA or offers exemptions for large stablecoin providers, which would shape future entry decisions for crypto firms. Analyst inference
- How other stablecoin issuers adjust their strategies to capture the market gap left by Tether, potentially expanding their presence in Europe. Analyst inference
- Developments in U.S. crypto regulation that might make Europe more or less attractive for Tether and similar companies, influencing where they allocate resources. Analyst inference
Affected assets
- USDT — Tether