MiCA Enforcement Removes $185B USDT From European Exchanges; Circle USDC Gains Ground

The EU Markets in Crypto-Assets Regulation (MiCA) comes into force today, July 1. Licensed European exchanges are removing Tether (USDT) from their platforms as the regulation takes effect, with approximately $185 billion in USDT now unavailable on compliant venues.

Circle is the only issuer among the ten largest stablecoins to achieve full MiCA compliance for USDC and EURC. Tether declined to submit the required electronic money issuance application, citing concerns over MiCA's reserve requirements. Meanwhile, BNY Mellon announced support for USDC on June 30, enabling institutional clients to hold, transfer, and transact USDC through its service.