Paolo Ardoino, CEO of stablecoin issuer Tether, addressed criticism over the company’s decision not to seek registration under the European Union’s Markets in Crypto-Assets (MiCA) framework, arguing that the regulations were risky for stablecoins.
Speaking to Cointelegraph at the Token2049 conference in Dubai, Ardoino reiterated that Tether had no plans to apply for its US dollar-pegged stablecoin USDt — the largest by market capitalization — to be compliant under MiCA in European countries, potentially forcing exchanges to delist the stablecoin. He added that though crypto firms had to follow regulations, there was a “fear of compliance” among companies in the EU.
“[…] MiCA license is very dangerous when it comes to stablecoins, and I believe that is even more dangerous for the small, medium banking system in Europe,” said the Tether CEO, adding that banks in the region could “go belly up” in the next few years thanks to MiCA’s requirements, such as keeping 60% of stablecoins reserves in insured cash deposits in European banks. Ardoino added:
“I decided to not apply to the MiCA license because I need to protect the 400 million+ users that we have around the world. They are not as lucky as Europeans. I love Europe, but I think that unfortunately European Central Bank is more interested [in pushing] the digital euro as a way to control people and control how they spend their money.”
After years of planning and research, EU officials began to implement requirements under MiCA in December 2024. Tether, which is regulated and headquartered in El Salvador, is required to comply with MiCA regulatory requirements if offering products or services in EU member states.
Since the regulations went into effect, many crypto exchanges acted to ensure their platforms listed MiCA-compliant tokens. Kraken delisted 5 stablecoins, including USDt, and Crypto.com announced plans to delist 10 stablecoins as of January.
On nations establishing crypto reserves
Speaking on its intentions for operating in the United States, Ardoino said the country “would require a different type of product,” given the competition with local stablecoin issuers. He added that the US’s and other countries’ efforts to establish a Bitcoin (BTC) stockpile were “just inevitable.”
“In the medium to long term, the more Bitcoin education, the more companies will set the example […] then everyone else will follow,” said the Tether CEO. “It’s never too late to buy Bitcoin.”
Ardoino’s statements came the same day that Tether announced roughly $120 billion in exposure to US Treasurys as of the first quarter of 2025. As of May 1, USDt had a market capitalization of roughly $149 billion.
For decades he was the dissident backbencher, then unlikely Labour leader. She was a firebrand left-wing Labour MP with a huge online presence. To the left – on paper – it looked like the perfect combination.
Coupled with the support of four other independent MPs, it held the blueprints of a credible party. But ever since the launch of Your Party (working title) the left-wing movement has faced mockery and exasperation over its inability to look organised.
First, we learned Jeremy Corbyn’s team had been unaware of the exact timing of Zarah Sultana’s announcement that she would quit the Labour Party. Then a much bigger row emerged when she launched a membership drive linking people to sign up to the party without the full consent of the team.
It laid bare the holes in the structure of the party and pulled focus away from its core values of trying to be a party to counter Labour and Reform UK, while also drawing out some pretty robust language from their only woman MP calling the grouping a “sexist boys club”. It gave the impression that she was being sidelined by the four other male MPs behind the scenes.
This week, they tried to come together for the first time at a rally I attended in Liverpool and then, in quick succession, another event at The World Transformed conference the day after. But not everyone I spoke to who turned up to see the two heroes of the left found them all that convincing.
Jeremy Corbyn admitted to me that “there were some errors made about announcements and that caused a problem”. He said he was disappointed but that “we’re past that”.
Image: Jeremy Corbyn and Zarah Sultana take part in a discussion on Your Party at The World Transformed conference in Manchester. Pic: PA
Zarah Sultana said they were like Liam and Noel, who managed to “patch things up and have a very successful tour – we are doing the same”.
The problem is, it didn’t really explain what happened, or how they resolved things behind the scenes, and for some, it might have done too much damage already.
Layla signed up as a member when she first saw the link. It was the moment she had been waiting for after becoming frustrated with Labour. But she told me she found the ordeal “very unprofessional, very dishonest and messy”, and said she doesn’t want to be in a disorganised party and has lost trust in where her money will end up. She’s now thinking about the Greens. She said their leader, Zack Polanski “seemed like such a strong politician” with “a lot of charisma”.
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Jeremy Corbyn’s back – with Zarah Sultana and a new party. But is it a real threat to Labour, or just political theatre?
Since Polanski’s rise to power as leader, the Green Party has surged in popularity. According to a recent poll, they went up four points in just one week (following their conference). Voters, particularly on the left, seem to like his brand of “eco populism”.
While he has politely declined formally working in conjunction with Your Party publicly, he has said the “door is always open” to collaboration especially as he sees common goals between the two parties. Zarah Sultana said this weekend though that the Greens don’t describe themselves as socialists and that they support NATO which she has dubbed an “imperialist war machine”.
While newer coalitions may not be the problem for now, internal fissures might come sooner than they expect. Voters at the rally this weekend came with pretty clear concerns about some of the other independent MPs involved in Your Party.
Image: The two heroes of the left fell out over a row over their party’s paid membership system
I asked Ayoub Khan if he considered himself left-wing. A question that would solicit a simple answer in a crowd like this. But he said his view was very simple, that he is interested in fighting for equality, fairness and justice: ‘We all know that different wards, different constituencies have different priorities and MPs should be allowed to represent the views of the communities they serve.” To him, that can sometimes mean voting against the private school tax and against decriminalising abortion.
The Your Party rally on Thursday night was packed, but the tone was subdued. People came full of optimism but they also wanted to make up their mind about the credibility of the new offering and to see the renewed reconciliation up close.
The organisers closed the evening off with John Lennon’s song, Imagine. That was apt, because until the party can get their act together, that’s all they’ll be doing.
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