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Kraken Backtracks on Delisting USDT in Europe to Prioritize Users Preference

source-logo  coinedition.com 19 May 2024 15:55, UTC

Mark Greenberg, the global head of Kraken’s asset management business, has clarified that the exchange will continue to list Tether’s USDT stablecoin in Europe, stressing that there are no plans to delist it now.

Greenberg made this remark in a May 18 post on his X social media account. The clarification comes after Coin Edition reported that Kraken is considering delisting USDT stablecoin from its European platform.

During a recent interview, Marcus Hughes, Kraken’s global head of regulatory strategy, confirmed the delisting likelihood. Hughes noted the action would be based on the upcoming MiCA regulations from the European Union. In his words:

“We’re absolutely planning for all eventualities, including situations where it’s just not tenable to list specific tokens such as USDT. It’s something that we’re actively reviewing, and as the position becomes clearer.”

Contrary to Hughes’ earlier suggestion, Greenberg has disclosed Kraken’s commitment to its European clients. Greenberg noted its European clients have a high preference for USDT. As such, the exchange will continue to explore all options for offering USDT under the upcoming regulatory regime.

Let's be clear: @krakenfx continues to list USDT in Europe and we have no plans to delist at this time.

We know our European clients value access to USDT and we continue to look at all options to offer USDT under the upcoming regime.

We will of course follow all legal…

— Mark Greenberg (@marklg) May 18, 2024

Furthermore, Greenberg emphasized that while Kraken will adhere to all legal obligations, even those it may not agree with, the regulations concerning stablecoins are still under development. He assured that Kraken is committed to doing everything within its power to provide its European customers with access to all pertinent stablecoins.

The European Union is on the verge of rolling out the Markets in Crypto-Assets (MiCA)for digital assets. This framework is anticipated to enforce strict regulations on stablecoins, which could affect the standing of USDT in the European market.

Notably, Tether’s USDT is the most prominent stablecoin in the crypto sphere, with a valuation exceeding $111.45 billion and a 24-hour trading volume over $35.65 billion. USDT’s closest rival, USDC, is more than ten times below its 24-hour volume.

Tether’s USDT continues to attract scrutiny in the financial space. Critics often cite a lack of transparency in the company’s reserve, although the executives have continuously disproved the claims with their period report.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

coinedition.com