The Crypto Kraken platform is preparing to withdraw the USDT from Tether in Europe due to the new rules imposed by Mica law. Faced with this constraint, the Exchange plans to launch its own stablecoin in US dollar. A strategic movement that could redraw the Stablecoins market and shake up the hegemony of Tether!
Kraken forced to remove the USDT under pressure from the Crypto Mica law
The Mica regulatory framework gradually comes into force in the European Economic Area (EEE). It imposes strict rules on stablecoins. His goal? Strengthen transparency and limit the influence of non -compliant transmitters. In this context, the Crypto Kraken company Must cease the use of the USDT, which remains the most exchanged stable on its platform.
According to Coingecko, the USDT/USDT/EUR pairs represent more than 30 % of the trading volumes of the Crypto Exchange. Despite this, Kraken announced a progressive withdrawal:
- February 13, 2025: Passage of margin pairs to a “reduction” mode only
- February 27, 2025: Put into “Sale only” for the USDT
- March 24, 2025: Total transactions judgment and removal of trading pairs
According to the Crypto company, this decision aims to:
- ensure compliance with Mica,
- Guarantee investors in cryptocurrency a transition to cryptocurrency.
However, some European crypto traders have reported that the USDT was still available on the platform. What fuel confusion!
Kraken retaliates with his own stablecoin USD
Faced with this regulatory constraint, Kraken is not content to undergo. Indeed, the Crypto platform provides for Start his own stablecoin backed by the US dollar. According to Bloombergthis initiative could be carried out via its Irish subsidiary. In this country, the regulation of cryptocurrency is more flexible.
The launch of a owner stable would allow Kraken to:
- keep control over liquidity flows,
- Free yourself from the restrictive rules imposed on third -party stables like the USDT.
This strategy recalls that of Crypto.com, which also plans A Stablecoin compliant with Mica for the third quarter of 2025.
If Kraken concretizes this project, he will therefore join major players in the crypto industry. We refer in particular to Binance and Circle who already have their own stablecoins (Busd and USDC).
The objective is clear: Reduce dependence on Tether, which currently dominates the cryptocurrency market with a market capitalization of $ 142 billion.
What impact for crypto investors in Europe?
There Disappearance of the USDT in Europe could modify the strategies of traders and investors in crypto. Indeed, this digital asset plays a key role in the DEFI. Also, it serves as a reference for many transactions.
His withdrawal may therefore train:
- a temporary drop in liquidity on Kraken,
- an increase in volatility of other stablecoins,
- A migration of users to alternatives such as the USDC or new stablecoins.
Some cryptography experts believe that this development could strengthen adoption of regulated stablecoins. One thing is certain: the Stablecoins race is just beginning!
The withdrawal of the USDT in Europe marks a turning point for the cryptocurrency market. Kraken and other players bet on regulated stablecoins to adapt. It remains to be seen whether these alternatives will seduce Crypto traders or if Tether will find a way to bounce back!
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