Tether's Market Cap Sheds $3 Billion as Europe’s MiCA Regulations Take Effect

Tether’s (USDT) market cap dropped by around 1.4% in the past week, coinciding with the full implementation of the European Union's Markets in Crypto-Assets (MiCA) regulations on Dec. 30. The market capitalization of USDT, which accounts for nearly 68% of global stablecoin trading volume, fell from nearly $140 billion on Dec. 26 to $137 billion as of this morning. This marks the sharpest decline in USDT’s market cap since the FTX crash in Nov. 2022, when it fell around 6% from $69 billion to $65 billion, according to CoinGecko data . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io