Tether left europe because of mica law but still kind of here what do you think

[Orange89]

hey so i had read how tether says they are leaving europe

because of the new MICA LAW
but now i see 2 company backed by the tether just launched new stable coin in europe that's EURR & USDR

they say these coin follow the rule but they still use
tether tech behind their scene
so it feel like tether did not really leaves they just changed cloths kind of funny isn't

i am not sure how to feel about it
like on one hand they are following the law
on the other
it feels like they are just finding a way to stay without saying it out that loud

i am wondering what do you think
is these smart is it sneaky or just how business work this day

[JeffBrad12]

It's just how business works these days, so many way to bypass the mica law.
They may see it as a way to still have market in the europe without having to spend as much and going through complicated regulation.
Apparently these kind of things are very common.

[piffie]

Regulation that can easily be circumvented is not great.
Most of the new EU regulations are for combating Money Laundring - but doing a really bad job at it.

Tether for sure wants to be in Europe, but they cannot follow all rules with their main token - as its already too big. Easier to create a new one - with their market dominance, they can easily push their partners to support it for EU citizen and make a free conversion between both.

It's the same as with every platform - we will see a small set of pioneers, then we will see the explosion of hundrets of different followers, and then we start to see a segmentation of markets.

Over the next 12 months we will see more than 1.000 different USD stablecoins....

[o48o]

hey so i had read how tether says they are leaving europe

because of the new MICA LAW
but now i see 2 company backed by the tether just launched new stable coin in europe that's EURR & USDR

they say these coin follow the rule but they still use
tether tech behind their scene
so it feel like tether did not really leaves they just changed cloths kind of funny isn't

i am not sure how to feel about it
like on one hand they are following the law
on the other
it feels like they are just finding a way to stay without saying it out that loud

i am wondering what do you think
is these smart is it sneaky or just how business work this day

This was never about tech. This was about a license, demanded reserves in EU countries, and full transparency of those reserves. Which are good requirements for any backed stable coins no matter how you look at it. I don't know how other regions just want to trust them blindly. Good luck if that bankrun ever happens.

Also with quick googling, i don't see USDR or EURR being offered in any exchanges that delisted usdt from European citizens.
I am not sure if they are even worth googling more.

[JeromeTash]

They just created 2 divisions. One division that just complies with the MICA regulations and the other remains as it was, does not serve residents of the European Union and definitely does not comply with the MICA regulations. I think it all comes from the reluctance of the tether team

We have seen exchanges do the same thing too, such as Binance. Like creating different branches depending on the country they operate in.