[Tether CEO: EU MiCA Regulations Are 'Very Dangerous' for Stablecoins, Decision to Opt-Out Made to Protect Users] According to Coin Bureau, Tether CEO Paolo Ardoino explained the reason why USDT did not apply for an EU MiCA license, stating that the regulations are 'very dangerous' for stablecoins. He mentioned that MiCA might force issuers to place 60% of their reserves in uninsured cash deposits at small European banks, which may not be able to handle large-scale redemptions. Ardoino believes the legislation is 'poorly thought out' and stated that 'skipping MiCA was done to protect Tether's over 400 million users.'