Tether CEO Engages in MiCA Regulation Debate

According to PANews, Tether CEO Paolo Ardoino has joined the ongoing debate surrounding the European Union's Markets in Crypto-Assets (MiCA) regulation. The discussion highlights concerns over the requirement for stablecoin issuers to hold more than 30% of their liquidity in banks, which is seen as a significant support for the traditional banking system and contrary to innovation. In contrast, traditional banks are only required to maintain 1% of eligible deposits as reserves with central banks, revealing a disparity. Additionally, details regarding Circle's USDC redemption agreement in Europe have sparked further questions.