In certain small crypto communities, information is circulating about USDT delistings on some exchanges. At the moment, this information is at the rumor level ("some guy said"), but even a quick search using relevant keywords provided more concrete details.
Quote — “At zondacrypto, we are committed to operating transparently and in compliance with regulations every day. As such, we are taking the decision to delist USDT, which is the one that has not yet achieved official compliance with the MiCA (Markets in Crypto-Assets Regulation). The part of the regulation applicable to stablecoins has already entered into force on 30 June 2024, and the transition period for the implementation of these regulations, expires on 30 December 2024.”
“This also means that, for reasons beyond our control, we have to make the decision to delist stablecoin Tether (USDT). Our assessment is that there is uncertainty as to whether this project will meet the requirements imposed by the MiCA within the timeframe adopted by the act.”
source of information
Further searching is essentially irrelevant since the information from the rumors is being confirmed.
What does this indicate? — Altseason is gaining momentum
Ultimately, the news itself isn't as important as how it will be presented in the media, the intensity of its coverage, and the scale it will reach. Do you think they'll manage to create the desired effect?
If the news gets massively hyped and succeeds in scaring a large number of market participants, where will the liquidity from USDT flow en masse? Into other stablecoins or into altcoins, which have already started showing significant growth? I think the answer is obvious.
Is USDT dying?
Such statements are pure nonsense from a madman...
USDT is essentially the pump for the cryptocurrency market, the primary mechanism for inflating BTC and all altcoins. Moreover, not all of its issuance is confined to the crypto industry. This stablecoin is used daily for cross-border payments worth billions of dollars.
Do you really believe that U.S. regulators would allow some private company to exist and freely print a substitute for the U.S. dollar without their knowledge and total control? If you do, then you’re a very naive person.
Is it possible for USDT to depeg from the US Dollar?
It will depend on the timing. It’s more likely that the information will be widely spread in December 2024. If fear can be instilled, a temporary depegging from the dollar is possible.
Those who have been in the market for a while will remember the 12% depegging of another stablecoin, USDC, from the dollar in March 2023.
USDC/USD
Someone made a significant profit from this manipulation, considering the liquidity of this pair. It’s an insane profit over just a few days.
The crypto market currently needs momentum, a trigger to kick off a season of madness, and it seems like the narrative has already been devised.
What do you think about this? How do you plan to act? What will you do if the rumor turns into an informational bomb?
Posted Using InLeo Alpha
Interesting one - I am currently trying to find out what the real relevant long-termed stablecoins will be - seems an inflation of stable coins but will focus on MICA compliant ones
there's only one piece of advice I can give you -- risk diversification.
always true :-)