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Kraken, a U.S.-based cryptocurrency exchange, insists it will keep USDT listed in European markets as long as regulations regarding stablecoins are not finalized. Mark Greenberg, Global Head of Kraken’s Asset Growth and Management Business, clarified they will “continue to look at all options to offer USDT under the upcoming regime.”
Kraken Will Keep Tether’s USDT Available in European Markets
Cryptocurrency exchanges are debating which measures to take regarding stablecoins due to the upcoming implementation of the Markets in Crypto Assets (MiCA) regulation. Kraken, a San Francisco-based cryptocurrency exchange, has recently clarified that it will keep USDT, the largest stablecoin in the cryptocurrency market, listed for its European customers.
Mark Greenberg, Global Head of Kraken’s Asset Growth and Management Business, explained that the exchange “continues to list USDT in Europe” and had “no plans to delist” the stablecoin for the time being.
Greenberg acknowledged USDT’s value for European customers and explained that the company examined several ways for the asset to remain listed under upcoming regulations. MiCA establishes requirements that would be very difficult for Tether to comply with, including maintaining its daily transaction amount lower than 200 million euros ($217.6 million).
Nonetheless, Greenberg explained that Kraken will follow all regulations when established, but stressed that “the rules are not finalized yet” and that the exchange will “continue to do everything we can to continue to offer all relevant stablecoins to our European customers.”
Greenberg’s statements come after Marcus Hughes, Kraken’s global head of regulatory strategy, declared that the company was “actively reviewing” its Tether movements regarding the upcoming MiCA measures. “We’re absolutely planning for all eventualities, including situations where it’s just not tenable to list specific tokens such as USDT,” he specified.
Other exchanges are in the process of delisting USDT in preparation for MiCA. Such is the case of Okx, which would be phasing out USDT-based pairs to enhance its compliance with European regulators.
What do you think about Kraken’s stance on maintaining Tether’s stablecoin listed for European customers? Tell us in the comments section below.