Binance, the largest cryptocurrency exchange by market capitalization, has announced the delisting of USDT (Tether) and other stablecoins from its European platform. This took effect 31 March 2025.
This move is in compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulations, which require stablecoin issuers to maintain transparent reserves and undergo rigorous oversight.
Read also: MiCA: Binance to delist 9 stablecoins on 31 March.
Impact on Tether’s USDT
The delisting of USDT by Binance may significantly impact Tether’s dominance in the European market. As a major player in the cryptocurrency space, Binance’s decision sets a precedent for other exchanges to follow. With USDT no longer available on Binance’s European platform, users may turn to alternative stablecoins like USDC (Circle) and EURI (Eurite), which are MiCA-compliant. This shift could affect Tether’s market share and revenue.
Anthon Golub, an advisor, founding member, and Chairman of SwissAssetDAO, and an Advisor & Venture Partner at Full Stack VC, reinforcing the point he has been making for weeks, asserts that “If your stablecoin isn’t issued by a regulated entity under MiCA, it’s out.” According to Golub, Tether doesn’t plan to comply, as long as MiCA regulations remain unsuitable to its business model. “That means Tether never had a chance. They won’t comply. They don’t need to. USDT is dominant outside of Europe – Tether knows it.”
Read also: Stablecoins in the European Market: MiCA, Tether, and Potential impacts on USDT
Is it Circle’s moment?
“… it is Circle’s moment”, claims Golub. “Circle built a structure that complies with MiCA. Two separate issuers for USDC: One issued from [the] U.S; one issued from France (to comply with MiCA).
Fully compliant. Fully legal.”
Also, Golub believes that Circle is moving fast, working with Binance and incentivizing USDC adoption. According to him, Circle “paid Binance $60M+ to hold and promote USDC.”
Key Consequences for Tether’s USDT
- Loss of European Market Share: Tether’s USDT may lose its dominant position in Europe, as users opt for compliant alternatives.
- Increased Competition: Circle’s USDC, in particular, may gain traction, having partnered with Binance and expanded its reach globally.
- Regulatory Pressure: The delisting highlights the importance of regulatory compliance, and Tether may face increased scrutiny from EU authorities.
- Reduced Dominance: While Tether’s USDT may not lose its dominant position in the stablecoin market, its dominance rate may reduce gradually. According to data from Glassnode, by April last year, while USDT enjoyed up to 73% stablecoin market dominance, this rate dropped to 70.2% by April 2025. In contrast, USDC, which had a market dominance rate of approximately 23% has moved up to approximately 28% in the last one year.
Read also: Coinbase delists multiple stablecoins in EU markets
MiCA: Crypto.com delists USDT and other stablecoins as Tether kicks
MiCA: OKX delists Tether (USDT) trading pairs for Users in Europe. What next?
What’s Next?
As the crypto industry adapts to MiCA regulations, more exchanges may follow Binance’s lead and delist non-compliant stablecoins.
The future of stablecoins in Europe will likely be shaped by compliance with MiCA regulations, with dollar-denominated stablecoins like USDC emerging as a dominant force.
Read also: MiCA: A Rundown of CASPs approvals–January 2025 edition
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