MiCA Cracks Down on USDT in Europe, Yet Global Demand for Tether Unshaken

The split here is jurisdictional, not fundamental: MiCA compliance is reshaping which venues list USDT, while demand elsewhere appears unaffected. That divergence matters for market structure, since it suggests Europe may increasingly trade against a different stablecoin base than the rest of the world. Whether that fragmentation widens or narrows as other jurisdictions draft their own rules is the open question worth watching.