Samson Mow links Tether FUD to competition with USDC stakeholders
Samson Mow
Tether, the largest stablecoin by market cap, has faced a $2 billion decline in recent weeks, stirring fears among investors.
This drop coincided with concerns over Europe's Markets in Crypto-Assets (MiCA) regulations, which could lead to Tether's delisting from centralized exchanges within the EU, according to Coingape.
However, Bitcoin advocate Samson Mow has labeled these concerns as exaggerated and encouraged investors to view the situation as an opportunity rather than a threat.
Debunking the Delisting Fears
Mow argues that the so-called “Tether ban” is a misinterpretation of MiCA’s requirements. Under the new rules, stablecoins must secure e-money licenses by December 30, 2024, to continue trading on MiCA-compliant exchanges.
While Tether may face restrictions on centralized platforms, it remains fully tradable on decentralized exchanges and storable in non-custodial wallets. Mow also highlights a 12-month grace period for EU regulators to enforce compliance, mitigating immediate impacts.
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Critics of the Tether FUD (fear, uncertainty, doubt) may suggest ulterior motives from competing stakeholders, particularly those with ties to rival stablecoin USDC. According to Mow, these narratives aim to undermine Tether's market position, despite its decentralized philosophy aligning with Bitcoin’s core principles.
A Resilient Asset
Historically, Tether has weathered regulatory scrutiny, including a notable depegging during the 2022 FTX collapse. Despite these challenges, Tether continues to dominate as the most widely used stablecoin globally, with 80% of its market cap derived from Asia—a region less impacted by EU regulations.
Mow views the recent drop as a temporary reaction to misinformation, urging investors to recognize Tether’s resilience. “This is a buying opportunity,” he stated, reaffirming confidence in Tether’s future in the evolving crypto landscape.
Bitcoin is up 143% year-to-date and reclaims dominance in the crypto market. As Bitcoin hits new highs, a mix of strong signals, global trends, and positive sentiment suggests a game-changing period ahead for the top cryptocurrency.
