The EU's MiCA Act 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 big stablecoins such as Tether face capital reserve and liquidity requirements that may lead to their withdrawal from the EU market. Nevertheless, Tether's huge market capitalization and global adoption make it unlikely to suffer an immediate financial shock. At the same time, some exchanges in the EU have begun to take measures to respond to the new regulations, and Coinbase Europe has removed stablecoins such as USDT. Analysts say MiCA will push some small and large companies to withdraw from the EU, promote market integration, and may bring higher investment and operating costs.