Tether's rivals shining in the EU, unbothered Tether is in a strong position with US and Bitcoin reserves

By Yugocean | Crypto Champion | 1 Jan 2025

Tether's rivals are shining in the European Union, but tether Tether is enjoying a strong position with the United States and a big Bitcoin reserve.

Tether's competitors have EU for themselves

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Coinbase, Circle, PayPal, and Ripple are very happy with the EU ban on stablecoin competitors, especially USDT, and are focused on their stablecoins to share the big piece of Tether's market.

In the absence of USDT and the unavailability of enough stablecoins, USDC, PYUSD, and RLUSD have enough chance to get into the EU stablecoin market, which is already open to it with parent companies.

Tether not bothered by EU ban

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Tether seems unconcerned by the EU ban. The euro-pegged Tether Token (EUR₮) is now useless. Tether's USDT is the worst affected, as it has the highest market in Europe, but Tether is not bothered.

Economic and Political Strength: I believe that if other stablecoins are used in the EU without minting at will (due to MiCA), Tether will control the majority of the US market. Moreover, Trump's Secretary of Commerce, Howard Lutnick, is a Tether whale.

Tether Bitcoin Reserve is active again

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Tether Bitcoin Reserve has received 7629 BTC from Bitfinex after being idle for nine months. Currently, Tether Bitcoin Reserve holds 82983 BTC.

Source: OnchainLens

I think when everyone is pursuing BTC reserves, why should the cryptoverse industry fall behind? Now all Tether needs to do is mint tokens based on its BTC reserves.