Tether CEO Paolo Ardoino announced that the company has withdrawn its application for a European license due to a regulation in the European Union (EU) requiring major stablecoin issuers to hold at least 60% of their reserves in bank deposits. According to Wu Blockchain, this statement comes after the European Central Bank (ECB) and EU central banks expressed strong opposition to the '60% bank deposit requirement for major stablecoin issuers' reserves' provision, a core part of the MiCA cryptocurrency regulation.
