Tether CEO drops EU license plan over 60% stablecoin deposit rule

Tether CEO Paolo Ardoino said the company gave up applying for an EU license because rules require major stablecoin issuers to hold at least 60% of reserves as bank deposits, according to Wu Blockchain. The comments came after the European Central Bank and EU central banks unexpectedly voiced opposition to a core provision of the Markets in Crypto-Assets regulation, or MiCA, requiring major stablecoin issuers to keep 60% of reserves in bank deposits, Wu Blockchain reported.