The EU MiCA Act will take effect on December 30! Will Tether face a complete delisting from EU exchanges?

Followin' the news, it seems that the European Union's 'Crypto Asset Markets Regulation' (MiCA) is set to have a significant impact on the crypto exchange market, particularly for stablecoins. The MiCA regulations on stablecoin issuers have already come into effect on June 30th and will be fully implemented by December 30th. This is the EU's first comprehensive regulatory framework for the crypto industry, with a particular focus on stablecoins. In this context of increasing compliance requirements, the competition in the European stablecoin market is expected to intensify. Some crypto companies, like Tether, have reportedly made preparations, such as investing in Dutch company Quantoz and the European stablecoin provider StablR. Additionally, European countries are continuing to push forward with crypto regulations. The UK's FCA aims to introduce a comprehensive crypto regulatory regime by 2026, while the German parliament has recently passed a 'Digital Finance Modernization Act' to fully implement the MiCA. Regarding Tether (USDT), several EU crypto exchanges have reportedly delisted the token, as Tether has not yet obtained the necessary licenses under MiCA. In contrast, Tether's main competitor, Circle, has already obtained the required MiCA license and is now issuing USDC and EURC to European customers. This raises the question of whether USDT could face a collapse similar to that of UST if it is fully removed from the EU market. However, Tether has weathered various challenges in the past and remains the largest stablecoin, with a market cap of $138.57 billion. While the MiCA regulations pose a new challenge for Tether, it is unlikely to cause a complete collapse of USDT, as it has become a 'too big to fail' entity in the crypto industry. Nonetheless, the long-term future of USDT and other stablecoins will depend on the development of comprehensive regulatory frameworks, both in the EU and globally.