The CEO of digital asset analytics agency CryptoQuant is exhibiting proof that demand for Tether (USDT) stays sturdy at the same time as the biggest stablecoin by market cap faces mass delisting.
European crypto exchanges are pulling the plug on the dollar-pegged crypto asset to adjust to the necessities of the Markets in Crypto Belongings (MiCA) regulation that took impact on December thirtieth.
Below the MiCA regulation, stablecoin issuers working within the European Union (EU) have to get hold of sure licenses to function within the area, however Tether failed to satisfy this requirement.
Knowledge from CoinMarketCap exhibits that USDT’s market capitalization dropped from $140.5 billion to $138 billion over the previous week as Tether braces for regulatory hurdles within the EU inflicting concern, uncertainty, and doubt (FUD) available in the market.
The asset additionally fell in need of its 1-to-1 peg with the US greenback, because it trades for $0.998 at time of writing.
However CryptoQuant CEO Ki Younger Ju sees no vital affect on Tether. In a post on social media platform X, he shares a chart of USDT’s alternate reserves, which represents the variety of USDT held in exchanges. For stablecoins, the rise in worth signifies shopping for strain.
“Tether FUD: EU exchanges are delisting USDT forward of MiCA. USDT is dropping its energy!
Precise affect on alternate USDT reserves:”
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