Source: Paolo AdroinoRelated: Rumble wallet rolls out with Tether’s USDT for creator paymentsNot everyone agrees with the assessmentHowever, Slava Demchuk, CEO of crypto compliance firm AMLBot, told Cointelegraph that he disagrees “with the premise that there are hundreds of stablecoins launched by companies and governments.” He said the claims are an exaggeration and highlighted that “launching a stablecoin is a complex and resource-intensive process,” made even more involved by the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework:“MiCA, for instance, imposes stringent requirements — particularly prudential ones such as capital reserves, liquidity buffers, and robust governance structures — that not all companies can easily meet.“On the other hand, Demchuk noted that a growth in the number of stablecoins poses challenges and risks.
He attributes the quick growth to an approach different from that of players in traditional finance:“We always focused on the adoption from the ground up, working in the streets, among other people, while traditional finance was watching at us from their ivory towers.“Vasily Vidmanov, the chief operating officer of decentralized finance compliance protocol PureFi, told Cointelegraph that Ardoino’s forecast “is interesting but not entirely realistic.” He cited “the recent delisting of USDT in the EU,” noting that it “has shown that resisting regulation is futile — adaptation and new approaches to decentralization are necessary.“The comments reference Tether’s USDt (USDT) being delisted for European Economic Area-based users of Binance, Crypto.com, Kraken and Coinbase.
Vidmanov explained that data concerning swaps between USDT and Circle’s competing USDC (USDC) “indicates a noticeable increase […] following the delisting.” He also raised concerns over the firm’s reputation and “ongoing investigations in the US related to sanctions compliance and Anti-Money Laundering.”USDT/USDC swaps number.
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Author / Journalist: Cointelegraph by Adrian Zmudzinski
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