EU Approves 10 Stablecoin Issuers, Excludes Tether

The European Union has approved ten firms to issue stablecoins under its Markets in Crypto-Assets (MiCA) framework, notably excluding Tether, the largest stablecoin issuer. The approved companies include Circle, Crypto.com, and Societe Generale, who have launched several euro and US dollar-pegged stablecoins. The absence of Tether, which has a market cap exceeding $141 billion, has raised concerns regarding the EU's regulatory priorities and potential impacts on the digital asset market, leading to platforms delisting USDT for EU users. Critics argue that the MiCA regulations may stifle innovation and push some firms to relocate outside the EU, while experts warn that excessive regulation could hinder economic growth. The EU's regulatory clarity, once a competitive advantage, is now viewed by some as a potential barrier to entry for foreign companies. As the MiCA framework continues to develop, the future of Europe's crypto landscape remains uncertain.