Why Tether Said NO to MiCA | Exclusive Interview with Paolo Ardoino

As a CEO, I've been called crazy for deciding not to apply for a MiCA license. The MiCA license is dangerous for stablecoins, and I need to protect over 400 million users worldwide who aren't as lucky as Europeans. If a regulation prevents this, we must renounce that market. I'm excited that the US is regulating technology Tether created in 2014, and we're making progress in discussions with US stakeholders. People in the US have many payment options, but in emerging markets, people struggle with devaluing national currencies like the Turkish lira and Argentine peso, which have lost significant value against the dollar. Many are turning to USDT. We have over 400 million users in these countries and grew 46 million wallets last quarter. Stablecoins are essential for emerging markets and help strengthen the US dollar against de-dollarization efforts by BRICS countries, which is crucial for regulations. Regarding Bitcoin, the aim is to acquire 42,000 bitcoins and beyond, relating to a new company with SoftBank, Tether, and others, led by Jack Mallers. The goal is to build a Bitcoin-first company maximizing Bitcoin per share and educating on Bitcoin's benefits for corporate balance sheets. Risk management is key, and critics misunderstand the safeguards. Tether is regulated in El Salvador, but the MiCA license's 60% reserve requirement in uninsured cash deposits is problematic, risking bank failures during redemptions. I advocate for reserves in short-term treasuries. We prefer to renounce markets with bad regulations to protect users, like Rumble did in France. Bitcoin acquisition by companies and nation-states is inevitable, starting with pioneer companies and expanding over time.