Analysis: The implementation of the MiCA bill brings uncertainty to USDT compliance, which may affect the structure of the EU cryptocurrency market

The MiCA regulation of the European Union has officially come into effect, but Tether's USDT has not yet received compliance certification, which has raised concerns about its future in the EU market. MiCA imposes strict requirements on stablecoin issuers, and major stablecoins like Tether face requirements for capital reserves and liquidity that could lead to their exit from the EU market. Despite this, Tether's large market capitalization and global adoption make it unlikely to suffer immediate financial impact. Meanwhile, some exchanges in the EU have begun taking measures to cope with new regulations; Coinbase Europe has delisted USDT and other stablecoins. Analysts say that MiCA will push some small and large companies out of the EU, promote market consolidation, and may result in higher investment and operating costs.