CryptoQuant’s CEO, who is also the head of its digital asset analytics division, shows that Tether (USDT), despite being delisted as the most popular stablecoin in terms of market capitalization and size, remains a strong currency.
The European Crypto Exchanges have stopped trading the crypto assets pegged to the US dollar in order to conform with the Markets in Crypto Assets Regulation (MiCA), which came into effect on December 30, 2018.
Tether did not meet the requirements of the MiCA Regulation, which requires stablecoins in the European Union to have certain licenses in order to be able to work in this region.
CoinMarketCap data shows USDT market capitalization has dropped over the last week from $140.5 to $138 Billion as Tether prepares for regulatory hurdles within the EU, causing FUD (fear, uncertainty and doubt) on the market.
At the time of this writing, it also falls short of its 1:1 peg to the US Dollar. It trades at $0.998.
CryptoQuant’s CEO Ki Young Ju does not see any significant effect on Tether. He shared a chart on the social media platform X that shows USDT exchange reserves. This represents how many USDT are held by exchanges. The increase in stablecoins’ value is a sign of increased buying pressure.
The EU is removing USDT from their exchanges ahead of MiCA. USDT has lost its power.
Impact on USDT Reserves: Actual Effects
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The post Tether delisting “FUD” Having No Effect on USDT reserves, According to CryptoQuant’s CEO could be updated as new information becomes available.
