MiCA is fully effective, USDT market value hits its biggest drop since FTX crash

TradingView data shows that the market value of USDT fell nearly 1% to $137.24 billion this week, the largest drop since the collapse of the FTX exchange in the second week of November 2022. Previously, several EU-based exchanges and Coinbase decided to delist USDT because it did not meet the requirements of the EU Crypto Asset Market (MiCA) regulations, which came into full effect on December 30. Karen Tang, head of Asia-Pacific partnerships at Orderly Network, said: "The EU will restrict access to Tether due to MiCA regulation, but this will not harm USDT's dominance. The EU is not the largest cryptocurrency market. Most cryptocurrency trading volume occurs in Asia and the United States. All this will only hinder digital asset innovation in the EU." Cryptocurrency analyst Bitblaze said that Asia accounts for a huge share of Tether's trading volume, downplaying the impact of the MiCA-led European delisting. (CoinDesk)