The leader of the platform Tether alleges that market challengers now compete for USDT dominance while regulators watch closely. Ardoino publicly stated on Feb. 25 through X that his competitors use legal weapons instead of creating better products.
He declares that no matter what pressure comes from the outside The platform continues to support financial inclusion especially for developing economies. The CEO reports that USDT now helps more than 400 million users but new wallets grow by 35 million each three-month period.
“While our competitors business model should be to build a better product and even bigger distribution network, their real intent is ‘Kill Tether.’ Every single business or political meeting that they have culminates with this intent.”
USDT from the platform holds a total market value of $142 billion while its main rival USD from Circle maintains only $56 billion . Under MiCA’s stablecoin approval criteria in Europe the platform cannot engage in business activities which demonstrates how European markets handle stablecoin issuers differently from other regions.
Tether Faces European Market Barriers
Societe Generale leads the crypto businesses receiving MiCA approval alongside Circle and others that include 10 total licensed crypto firms. Owned together by these ten companies are fifteen stablecoins that link to both US dollar and euro markets. Because the platform does not appear on this list European regulators are making it harder for the company to operate there.
The European crypto market has begun transforming because MiCA rules will launch in late 2024. Major crypto exchanges Kraken and Crypto.com are stopping USDT and other stablecoin services to follow the new official regulations for the market. Kraken declared in March 2025 that they would discontinue USDT trading in Europe because of MiCA rules to maintain regulatory compliance within the region.
Crypto.com decided to stop offering USDT and other stablecoins from January 31, 2025. Users will get until March 31st of 2025 to switch their funds from impacted stablecoins to assets supported under MiCA. Our system will switch remaining balances from the restricted stablecoins to similar compliant assets having equivalent market value.
Tether Pushes Global Expansion
As Tether strengthens its positions worldwide these recent regulatory hurdles show up along with growing competition from new stablecoin creators. Most people choose Tether for stablecoin transactions because of its large market supply and broad user base. Governments and competitors may challenge Tether’s market leadership over the next few years as they intensify their actions against the company.
Tether expands its business activities across different markets except Europe. Ardoino declared Tether’s dedication to finance accessibility and explained stablecoins help people without banking services. He promised that Tether would not let challenges from laws or competitors stop its growth and global plans. The stablecoin market development depends on how Tether and Circle deal with each other alongside what rules authorities decide to put in place.
