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Tether chief executive Paolo Ardoino is alarmed that Europe’s MiCA regulations on stablecoins, due to excessive cash reserves requirements, could pose systemic risks to banks.
Paolo Ardoino, the chief executive of the company behind the largest stablecoin by market capitalization, Tether Tether
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Tether, appears to be concerned about the new European crypto legislation, known as MiCA (Markets in Crypto-Assets), saying it could create “systemic risks” for banks.
In an interview with Forbes, Ardoino criticized MiCA’s requirement for stablecoin issuers to hold 60% of their reserves in non-insured cash deposits, drawing parallels to Circle’s incident with Silicon Valley Bank in 2023, when over $3 billion of its $40 billion of USD Coin USDC
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USDC reserves were stuck at the collapsed lender.
“I don’t want to endanger those 300 million people holding USDT because I have to keep the 60% in uninsured cash deposits in a European bank,” Paolo Ardoino said in the interview. 0 reply
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(BTC) outperformed the broader crypto market during the Asia trading day, adding 4.4% to test $67,000 while the CoinDesk 20 Index (CD20) rose 3.3
Solana’s SOL jumped over 5% to lead gains among major tokens, CoinGecko data shows, with ether (ETH), BNB Chain’s BNB and Cardano’s ADA adding 3%. Dogecoin (DOGE) rose 4%, while Solana-based memecoin popcat (POPCAT) jumped more than 8% to lead gains in that category
For the third day, ether products led liquidations across crypto futures, with over $70 million in longs liquidated compared with $55 million on BTC-tracked futures.
Open interest – or the number of unsettled futures bets – dropped by $1 billion over the past 24 hours, indicative of money leaving the market.
According to data from SoSoValue, bitcoin exchange-traded funds (ETFs) added a net $31.16 million, bringing the cumulative net flow since their introduction in January to just under $17.5 billion. Total net assets of the ETFs amount to $59.14 billion, or about 4.6% of the entire market… 0 reply
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