Tether (USDT) Turns 10, Working on MiCA-Compliant Solution by November
Oct 07, 2024 pm 07:00 PM
Yesterday, USDT, Tether's stablecoin, turned 10 years old. Today marks 10 years of USDt! To celebrate, we're launching our documentary
Stablecoin issuer Tether is planning to roll out a new technological solution by the end of the year to ensure that its flagship stablecoin, USDT, continues to be available in the European market.
The European Union's Markets in Crypto Assets (MiCA) legislation went into effect on June 30, introducing a regulatory framework for digital asset service providers and issuers in the EU.
The rules governing stablecoins stipulate that fiat-collateralized stablecoins can only be issued by entities recognized as authorized e-money issuers.
As of now, Tether is not recognized by the EU as an e-money issuer.
According to Tether's Chief Technology Officer (CTO) Paolo Ardoino, the company is working on a solution that could be ready by November, over a month ahead of the December 30 deadline.
If USDT does not comply with MiCA by that date, it could be delisted from exchanges for users in EU countries.
While it is unlikely that exchanges will voluntarily remove the possibility of legally trading USDT for European citizens, the option theoretically remains open.
Hence, Tether is seeking a solution that will allow USDT to remain available on exchanges for EU residents.
Ardoino confirmed that the solution must be completed by December 30, though it may be ready as early as November.
However, the nature of this solution is still unclear. Ardoino only stated that the details will be announced at a later date. It is expected to be a new tech solution designed specifically for the European market to adapt USDT to the new regulatory landscape.
Tether has noted that certain aspects of MiCA make it more challenging to operate licensed stablecoins in the EU, potentially introducing new risks to the local banking infrastructure and the stablecoins themselves.
One concern raised by Tether is that the new regulation could expose banks and digital assets to systemic risks, rendering them susceptible to issues like mass withdrawals, such as those encountered by Silicon Valley Bank last year.
The company did commend the EU regulator for finally establishing a clear and structured regulatory environment, highlighting that the use cases for stablecoins differ greatly in Europe compared to emerging and developing markets where USDT is more widely adopted.
On October 6, 2014, the stablecoin USDT was officially launched. At the time, Ethereum did not yet exist, with its blockchain being created the following year.
Initially, the USDT token was launched on a Bitcoin sidechain called Omni. Out of the 119 billion USDT in circulation today, nearly 900 million are still present on the old Omni.
When USDT was first launched, less than 300,000 tokens were minted on Omni. This number rose to over 500,000 in 2015 and crossed one million in 2016.
The first major boom in USDT usage occurred during the crypto market rally in 2017, which propelled the stablecoin's market capitalization to over a billion dollars, marking an x1000 increase in less than two years.
It is worth noting that the price of USDT has remained around $1 throughout this period, indicating that only the usage of the stablecoin increased significantly, not its value.
The following year, USDT crossed the 2.5 billion mark but later fell below 2 billion during the bear market.
The second major boom in USDT usage began in 2019, when the stablecoin crossed the 4 billion mark and continued into 2022, reaching over 80 billion.
During the bear market of 2022, USDT's market capitalization briefly dropped below 70 billion. However, it recovered in 2023, crossing first 90 billion, then 100 billion in 2024, and currently stands at around 120 billion dollars.
The above is the detailed content of Tether (USDT) Turns 10, Working on MiCA-Compliant Solution by November. For more information, please follow other related articles on the PHP Chinese website!
Hot AI Tools
Undress AI Tool
Undress images for free
Undresser.AI Undress
AI-powered app for creating realistic nude photos
AI Clothes Remover
Online AI tool for removing clothes from photos.
Clothoff.io
AI clothes remover
Video Face Swap
Swap faces in any video effortlessly with our completely free AI face swap tool!
Hot Article
Hot Tools
Notepad++7.3.1
Easy-to-use and free code editor
SublimeText3 Chinese version
Chinese version, very easy to use
Zend Studio 13.0.1
Powerful PHP integrated development environment
Dreamweaver CS6
Visual web development tools
SublimeText3 Mac version
God-level code editing software (SublimeText3)
Hot Topics
Recommended ETH one-click trading platform_Fastest platform for ETH trading transactions
Jul 04, 2025 pm 11:00 PM
Recommended ETH one-click trading platforms include Binance, OKX, Huobi, Gate.io and Bybit. 1. Binance has a large trading volume, supporting one-click trading and flash exchange functions for market prices; 2. OKX provides a simple coin buying and fast trading page, with strong system stability; 3. Huobi's operation path is short, suitable for high-frequency trading and supports grid trading; 4. Gate.io has sufficient liquidity, good slippage control and is suitable for automated trading; 5. Bybit has a lightning order system and spot quick purchase functions. The above platforms are suitable for users with high frequency and high demand for fund scheduling. It is recommended to choose mainstream platforms such as Binance and OKX for ETH transactions.
How to play leverage trading in currency circle? What does leverage liquidation mean? A complete analysis of leverage risk
Jul 04, 2025 pm 01:27 PM
Leveraged trading in the currency circle is a way to use borrowed funds to trade digital assets. Through leverage, traders can control more valuable asset positions with less of their own funds, thereby amplifying potential profits or losses. When conducting leverage trading, the trader does not pay the funds required for the transaction in full. They only need to provide a portion of the funds as margin, and the trading platform will lend out the remaining funds. This approach gives traders the opportunity to gain significant gains from smaller price volatility.
Hedera price forecast: Can HBAR hit new highs?
Jul 04, 2025 pm 07:33 PM
HBAR shows positive signals in market volatility, is its price expected to climb to the range of $0.18 to $0.20? The following is an in-depth analysis of Hedera's price trend, expert opinions and upward potential. Hedera price outlook: Can HBAR return to highs? Analysts noticed a structural breakthrough in HBAR, indicating a possible rebound trend. As buyer strength increases, will HBAR reach a price level of $0.18 to $0.20? Structural breakthroughs suggest a trend reversal. Judging from the daily chart, HBAR prices have deviated from the downward channel that has restricted their trend since early May. A strong positive line pushed the price above $0.15, confirming the reversal pattern. The current price is US$0.15769, rising intraday
Why doesn't stablecoins plummet? How does USDT rely on to preserve its value? Basic analysis of stablecoin
Jul 04, 2025 pm 01:48 PM
Stablecoins, as a special type of asset in the cryptocurrency market, have the main goal of maintaining the stability of prices, usually linked to a certain fiat currency (such as the US dollar) or other stable assets. This stability makes stablecoins play an important role in the crypto world, acting as a store of value, a medium of trading, and a safe-haven asset.
What is a stablecoin? In-depth analysis of mainstream stablecoins such as USDT and USDC
Jul 04, 2025 pm 06:33 PM
One of the notable features of the cryptocurrency market is its high volatility. Digital assets like Bitcoin and Ethereum may experience drastic fluctuations in a short period of time. This inherent volatility makes it difficult to directly apply cryptocurrencies in scenarios where stable value is required, such as daily payments, signing long-term contracts, or as a reliable store of value when the market is down.
What is Impossible Cloud Network (ICNT)? How? A comprehensive introduction to the ICN project that Binance will launch soon
Jul 07, 2025 pm 07:06 PM
Contents 1. What is ICN? 2. ICNT latest updates 3. Comparison and economic model between ICN and other DePIN projects and economic models 4. Conclusion of the next stage of the DePIN track At the end of May, ICN (ImpossibleCloudNetwork) @ICN_Protocol announced that it had received strategic investment in NGPCapital with a valuation of US$470 million. Many people's first reaction was: "Has Xiaomi invested in Web3?" Although this was not Lei Jun's direct move, the one who had bet on Xiaomi, Helium, and WorkFusion
Dogecoin Exchange APP Recommendation_Which platforms are safe and reliable?
Jul 04, 2025 pm 10:42 PM
The recommended Dogecoin Exchange APPs in 2025 include Binance, OKX, Huobi, Gate.io and Bybit. 1. Binance has the largest trading volume, supports multiple trading modes, high security and low handling fees; 2. OKX has smooth operation, strong account security measures, suitable for all types of users; 3. Huobi is convenient to register, has a variety of deposit methods, and is of high quality customer service; 4. Gate.io has transparent information, complete product lines, and is suitable for global users; 5. Bybit contract experience is good, the interface is modern, and the margin model is flexible. Investors should choose formal platforms to trade according to their own needs.
The latest version of the USDT Exchange official APP USDT trading platform Android entrance
Jul 04, 2025 pm 06:48 PM
The official USDT Exchange APP is a mobile trading platform specially designed for digital asset users, committed to providing safe, stable and convenient USDT trading services. Through this application, users can view real-time market conditions, conduct transaction operations, and manage personal digital assets anytime, anywhere. In order to ensure that you are using genuine applications and ensure the security of your assets, this article provides you with the latest version of the official APP download portal.