The European Central Bank and the 27 EU member central banks are urging the European Commission to abolish a MiCA regulation rule regarding bank deposits, which Tether refused to accept. This provision of the European Markets in Crypto-Assets regulation imposes restrictions on stablecoin issuers concerning the use of bank deposits. Tether, the issuer of the USDT stablecoin, challenged this rule, triggering additional pressure from European monetary authorities for its removal.
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